Calpine Corporation (CPN), Bellatrix Exploration Ltd (BXE): Latest Moves In The Hedge Fund World

Is it a good time to buy Calpine Corporation (NYSE:CPN) shares? Peter Adam Hochfelder seems to think so, as he increases his fund’s investment in the company by 58%. According to a recent filing with the Securities and Exchange Commission (SEC), his fund, Brahman Capital, now holds 21 million shares or 5.24% of the company’s total number of shares outstanding. In the mean time, Daniel Lewis has stepped up his interest in Bellatrix Exploration Ltd (NYSEMKT:BXE) and has further increased his investment in the Canada-based oil and gas company. Lewis’ Orange Capital has reported ownership of 19.5 million shares or 10.2% of the common stock. A week ago, on September 26, the fund had reported a 17.5 million shares stake in Bellatrix Exploration Ltd (NYSEMKT:BXE), which is activist by nature.

Calpine Corporation (NYSE:CPN) is among the favorites of Bill Miller, the manager of Legg Mason Capital Management. In its latest 13F filing, the fund has reported ownership of 5.13 million shares valued at $122 million. David E. Shaw is also bullish on this stock, having increased his fund’s stake by 39% during the second quarter of 2014. D E Shaw reportedly holds 3.21 million Calpine Corporation (NYSE:CPN) shares worth in excess of $76.4 million. Lee Ainslie, on the other hand, has deemed it wise to limit his exposure to this stock and has reduced his investment by 10% during the same period of time. His fund, Maverick Capital, currently holds 10.1 million shares valued at $240 million.

Mark Rachesky is also optimistic about the prospects of Bellatrix Exploration Ltd (NYSEMKT:BXE), having initiated a position for his fund during the second quarter of 2014. MHR Fund Management reportedly holds 530,000 shares valued at $4.6 million. Israel Englander is another hedge fund guru interested in Bellatrix Exploration Ltd (NYSEMKT:BXE). His fund, Millennium Management has reported ownership of approximately 368,700 shares valued at $3.21 million. David Dreman, on the other hand, has chosen to reduce his exposure to the stock, although the reduction is a small one. His fund, Dreman Value Management holds roughly 853,300 shares worth $7.43 million.

Disclosure: none.