5 Stocks Billionaire David Einhorn Just Bought and Sold

In this article, we will take a look at the 5 stocks billionaire David Einhorn just bought and sold. To see more such companies, go directly to 15 Stocks Billionaire David Einhorn Just Bought and Sold.

5. Southwestern Energy Company (NYSE:SWN)

Stake Value: $65,181,186

Greenlight Capital increased its stake in Southwestern Energy Company (NYSE:SWN) by over 9% in the third quarter of 2023. As of the end of September, the fund had a $65 million stake in Southwestern Energy Company (NYSE:SWN).

Out of the 910 hedge funds tracked by Insider Monkey, 44 hedge funds reported owning stakes in Southwestern Energy Company (NYSE:SWN).

Earlier this month Southwestern Energy Company (NYSE:SWN) posted third quarter results according to which the company’s adjusted EPS came in at $0.10, beating estimates by $0.03. Revenue in the quarter fell about 68.3% year over year to $1.44 billion, beating estimates by $80 million.

Southwestern Energy Company (NYSE:SWN)’s management talked about guidance and expectations during Q3 earnings call and said:

“As we look ahead to 2024, we expect new LNG facilities to increase demand throughout the year. However, we believe strip prices are not yet high enough to incentivize production growth. Given this dynamic, we intend to continue optimizing free cash flow and capital investment to meet our dual priorities of progressing towards the $3.5 billion top end of our target debt range, while maintaining the flexibility and optionality in the business. Our unique asset base provides capital allocation flexibility between basins, commodity windows as well as assured firm market access. We will continue to optimize investment with the optionality to add back in the back half of ’24, should market fundamental support. We believe this approach to managing the business in a volatile commodity environment is prudent and will best position SWN to sustainably return capital to shareholders.

Our hedging strategy helps to ensure debt reduction while also providing upside commodity risk exposure, as we move through 2024 and 2025. We continue to target a range of 40% to 60% of natural gas price protection, when entering a new year. Basis protection is also key to commodity risk management. With the physical sales agreements and financial basis hedges, we expect to continue our practice of proactively protecting basis.”