Charles Davidson and Wexford Capital Are Reducing Exposure to Diamondback Energy Inc (FANG)

Charles Davidson, the manager of Wexford Capital, has decreased his fund’s ownership of Diamondback Energy Inc (NASDAQ:FANG) shares. In a recent Form 4 filing with the Securities and Exchange Commission, Wexford Capital has disclosed the sale of 20,000 shares at a price of $52.35 apiece. Following this transaction, Davidson and Wexford Capital currently hold 10,718,202 shares.

During the third quarter of 2013, Wexford Capital had also been trimming their holding of Diamondback Energy Inc (NASDAQ:FANG). According to the fund’s 13F report, 586,467 shares were disposed of, the equivalent of a 5% reduction. Donald Chiboucis, on the other hand, is bullish on this stock. His fund, Columbus Circle Investors, has increased its stake by 60% during Q3 and now holds 1.74 million shares valued at $74.5 million. Another hedge fund manager that likes this stock is Israel Englander. His fund, Millennium Management, has added 24% to their holding during Q3 and has reported in the latest 13F filing the ownership of 495,207 shares worth about $21 million.

An oil and natural gas company, Diamondback Energy Inc (NASDAQ:FANG) has seen its stock surge 160%, so far in 2013, to a current price of $50.64 per share. The company went public in October 2012 at a price of $17.50 per share. Diamondback Energy has a market cap of $2.38 billion and shares change hands at a Price to Earnings (P/E) ratio of 64.91. For the quarter ended September 30, 2013, Diamondback Energy posted revenues of $57.8 million and Earnings Per diluted Share (EPS) of $0.33. Analysts are more optimistic about the company’s prospects for the current quarter. They expect Diamondback Energy to register revenues of $80.6 million and earnings of $0.43 per share.

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