Wexford Capital Decreases Exposure to Diamondback Energy Inc (FANG)

Charles Davidson‘s Wexford Capital slightly decreased its stake in Diamondback Energy Inc (NASDAQ:FANG) to 10.32 million shares. A recent Form 4 filing with the SEC shows that the fund has disposed of 33,700 shares of the company for an aggregate sum of $2.17 million. The transactions have taken place indirectly, through funds for which Wexford serves as manager, investment advisor, or sub advisor.

Worth to mention, Diamondback Energy currently represents almost half of Wexford Capital’s equity portfolio

Diamondback Energy

Operating more than 140 wells, Diamondback Energy Inc (NASDAQ:FANG) engages in the exploration, exploitation, and production of unconventional crude oil and natural gas reserves in the Permian Basin, West Texas. Last month, shortly after entering into a final agreement to purchase  1,858 net leasehold acres in Martin County, Texas, the company announced the closing of a Seasoned Equity Offering, in which it issued 3.45 million shares at a price of $62.67 per share. In 2013, the Diamondback generated profits of $54.59 million, with respective earnings per share of $1.21, slightly lower than the consensus analyst estimates of $1.22 per share. The company’s stock price nearly tripled year-to-date, growing steadily to a price of $65.xx as of today. Providing a median P/E of 23.00, analysts expect earnings of $2.72 per share in 2014, on average suggesting that investors buy the stock.

Two other major holders of Diamondback Energy Inc (NASDAQ:FANG)’s stock are Columbus Circle Investors, led by Donald Chiboucis, and Citadel Investment Group, led by Ken Griffin. Columbus Circle’s position amounts to 1.39 million shares with a total value of $73.69 million, while Citadel’s position amounts to 1.05 million shares with a total value of $55.60 million.

With nearly $5.10 billion in assets under management, Wexford Capital manages three different hedge funds: Wexford Spectrum Fund (opportunitic and global strategies), Wexford Credit Opportunities Fund (multiple strategies and credit investments) and Wexford Catalyst Fund (energy and industrials). More than 60% of its equity portfolio is invested in Basic Materials. Another considerable position worth $75.47 million (6.45% of the portfolio) is represented by 6.6 million shares in Rhino Resource Partners, L.P (NYSE:RNO).

Disclosure: none

Recommended Reading:

Wexford Capital Ups Stake in Cache, Inc. (CACH) to 5%

Wexford Capital Sell Shares of Diamondback Energy Inc (FANG) Again

Altai Capital Trims Stake in Emulex Corporation (ELX)

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