Jason Karp’s Tourbillon Capital Partners Boosts Exposure to Atlas Energy LP (ATLS)

Led by Jason Karp, Tourbillon Capital Partners considerably increased its passive stake in Atlas Energy LP (NYSE:ATLS). According to a recent filing with the Securities and Exchange Commission, the fund now owns 2.61 million shares – 5.10% of the Atlas Energy’s aggregate common stock outstanding. Previously, Tourbillon owned slightly more than 27,000 shares and rights to purchase 38,400 other in the form of call options.

Jason Karp - Tourbillon Capital Partners

Incorporated on December 15, 2005, Atlas Energy LP (NYSE:ATLS), is a US master limited partnership which focuses on the production and processing of oil & natural gas. The company develops necessary and efficient natural gas resources through two of its subsidiaries: Atlas Resource Partners, L.P. (NYSE:ARP), an independent developer and producer of natural gas, crude oil and natural gas liquids with operations in basins across the US, and Atlas Pipeline Partners, L.P. (NYSE:APL), a provider of natural gas liquid transportation, gathering and processing services in the Anadarko, Permian, and Appalachian Basins.

In 2013, the company generated net losses of $75.37 million or $1.47 per share, a number which is nearly 44.00% higher than that for the losses generated in 2012. Its Debt to Equity ratio significantly higher than the average for the Oil & Gas Midstream Industry, the company’s stock price considered distressed, currently trading at around $42.25 apiece. In its financial results report for the full year 2013, the company declared that Atlas Resource Partners’ previously approved new dividend payment policy of will amount to an initial monthly distribution of $0.1933 per common unit. Market outlook on Atlas Energy LP (NYSE:ATLS)’s prospects is quite positive, experts estimating the company to deliver earnings of $0.37 per share this year and providing recommendations to buy the stock.

Billionaire Leon Cooperman and Omega Advisors are also bullish on Atlas Energy LP (NYSE:ATLS), upping the fund’s holding of the company to 6.92 million shares a couple of weeks ago. Balyasny Asset Management, a fund managed by Dmitry Balyasny, is also a large holder of Atlas Energy’s stock, with a position of nearly 1.65 million shares.

Formerly working at Steven Cohen‘s SAC Capital Advisors, Jason Karp started $1.14 billion stock hedge fund Tourbillon Capital Partners last year. More than 45.00% of the fund’s equity portfolio is concentrated in the Technology and Services Sectors, while another 20.00% in ETFs. Exterran Holdings, Inc. (NYSE:EXH), in which Tourbillon owns 910,000 shares, is among the fund’s largest positions.

Jason Karp presented at the 19th annual Sohn Investment Conference held on May 5, 2014. Among his suggestions, Mr. Karp expressed positive views on Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP), a travel service provider for hotel accommodations, airline tickets and packaged tours in China, noting that the company’s long term price target is $115 to $170 compared to the current price of around $45.30 and that Chinese travel offers highest probability growth themes on the planet

Disclosure: none

Recommended reading:

David Einhorn’s Interview: Tech is a Smaller Bubble

Mario Gabelli, GAMCO Investors’ Biggest Equity Portfolio Moves During the First Quarter

Prescott Group Capital Management’s Top New Holdings

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