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)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!