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Whiting Petroleum Corp (WLL): Billionaire Steve Cohen’s Point72 Asset Management Raises Stake

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Billionaire Steve Cohen‘s Point72 Asset Management has hiked its stake in Whiting Petroleum Corp (NYSE:WLL) according to a recently amended filing with the Securities and Exchange Commission. The fund’s holding of the stock stood at 2.96 million shares at the end of the third quarter, which has now climbed to 5.33 million shares or 1.9% of the company’s outstanding common stock.

Whiting Petroleum, as its name suggests, is an oil and gas company. Over the past 12 months, the company’s shares have gained 22.62%. In its financial report for the third quarter of 2016, Whiting Petroleum reported a loss per share of $0.47, and revenue of $129.2 million, compared to a loss per share of $0.17 and revenue of $508 million for the same period of the previous year.

Earlier this month, R.F. Lafferty initiated coverage on the stock with a ‘Buy‘ rating and a price target of $23, while Wells Fargo downgraded its rating on it ‘Market Perform’ from ‘Outperform’. Lastly, Wunderlich raised its price target on WLL to $13 from $9, with a ‘Hold’ rating on it.

Steve Cohen SAC CAPITAL ADVISORS

At the end of September, 35 investors from our database held long positions in Whiting Petroleum Corp (NYSE:WLL), down by 6 from the end of the second quarter. The most bullish hedge fund was Debra Fine’s Fine Capital Partners, with a position worth close to $120.3 million, amounting to 12.3% of its total 13F portfolio. On Fine Capital Partners’ heels was Israel Englander’s Millennium Management, which owned a $90 million position. Other investors with similar optimism counted Doug Silverman and Alexander Klabin’s Senator Investment Group, Ken Griffin’s Citadel Investment Group, and David Costen Haley’s HBK Investments.

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Among investors who lost interest in Whiting Petroleum Corp (NYSE:WLL) and cut off their positions during the third quarter were Dan Loeb’s Third Point, which got rid of the largest investment of all the investors tracked by Insider Monkey, comprising close to $75.9 million in stock, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, which cut about $25.8 million worth of shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Point7 0 5,325,872 0 5,325,872 5,325,872 1.9%
Point7 0 5,325,872 0 5,325,872 5,325,872 1.9%
Cubist Systematic Strategies 0 2,629 0 2,629 2,629 Less than 0.1%
Steven A. Cohen 0 5,328,501 0 5,328,501 5,328,501 1.9%

Steve Cohen
Steve Cohen
Point72 Asset Management

Page 1 of 9 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
WHITING PETROLEUM CORPORATION
(Name of Issuer)
Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
966387102
(CUSIP Number)
October 26, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[   ]
Rule 13d-1(b)
[X]
Rule 13d-1(c)
[   ]
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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