#3 Canadian Solar Inc. (NASDAQ:CSIQ),
Shares held (as of September 30): 215,500
Total Value (as of September 30): $3.58 million
Percent of Portfolio (as of September 30): 0.86%
During the third trimester, Prescott acquired 101,000 shares of Canadian Solar Inc. (NASDAQ:CSIQ). The firm initiated a position in the $1.29 billion solar power company during the March quarter. Shares of the company have depreciated by nearly 4% so far this year, however things appear to be turning around. The company recently upped its guidance for the third quarter, the results from which it will post on November 10, thanks to rising demand. Revenues are now expected in the $805 million-to-$815 million range compared with just $616.1 million previously anticipated. Among over 700 hedge funds that we track, 32 had investments worth $243.95 million in the company, representing 15.4% of Canadian Solar Inc. (NASDAQ:CSIQ)’s outstanding shares at the end of June.
#2 EQT Corporation (NYSE:EQT)
Shares held (as of September 30): 65,000
Total Value (as of September 30): $4.21 million
Percent of Portfolio (as of September 30): 1.02%
This new position in EQT Corporation is now one of Prescott’s top bets in the energy sector. In its financial results for the third quarter, EQT Corporation (NYSE:EQT) delivered a net loss per share of $0.33, which missed estimates by $0.15. However, revenues of $577.01 million were $95.01 million higher than expectations. Although revenues were 27% higher than last year, they were more than offset by a 55% lower realized sales price. On the bright side, the company’s midstream segment performed extremely well and revenues increased by 17% from the same quarter of last year, while at the same time, per unit expenses dropped by 14%. Millennium Management led by Israel Englander held some 3.07 million shares of EQT Corporation (NYSE:EQT) on June 30.
#1 Unit Corporation (NYSE:UNT)
Shares held (as of September 30): 462,965
Total Value (as of September 30): $5.21 million
Percent of Portfolio (as of September 30): 1.26%
Another new holding and Prescott’s top energy pick is Unit Corporation (NYSE:UNT), whose stock price has fallen by over 50% this year. However, shares jumped by 30% in early October when the company raised its guidance for the full year, so the investment has proven to be a successful one so far for the firm. The production growth in Unit Corporation’s oil & gas segment is now expected to land between 6%-and-8%, in contrast to the 2%-to-4% range provided earlier. Moreover, capital expenditures were also reduced by $30 million from prior expectations. The momentum continued into its earnings, as the company beat both the top and bottom line estimates for its recently-reported third quarter financial results. Chuck Royce‘s Royce & Associates held more than 4.54 million shares of the company at the end of June.