Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Charles Davidson, Wexford Capital Keep Selling Diamondback Energy Inc (FANG) Shares

Charles Davidson, the manager of Wexford Capital, has continued the sale of Diamondback Energy Inc (NASDAQ:FANG) shares. According to a recent Form 4 filing with the Securities and Exchange Commission, Davidson sold 3,400 shares at a price of $52.01. Following this transaction, Wexford Capital’s position amasses 10,714,802 shares. Considering the current price of $48.06 per share, the fund’s stake has an approximate value of $516 million.

Diamondback Energy

Last week, Wexford Capital revealed the sale of 20,000 Diamondback Energy Inc (NASDAQ:FANG) shares at $52.35 apiece. It doesn’t end here, the fund has been reducing their stake throughout the third quarter, selling more than half a million shares. Ken Griffin is another hedge fund manager that is not so optimistic about this stock. His fund, Citadel Investment Group has dumped 77% of its stake in Diamondback Energy during Q3 and currently owns 152,994 shares valued at $6.5 million. Steven Cohen and SAC Capital have also heavily reduced their exposure to this stock by dumping 28% of their holding. In its latest 13F filing, SAC Capital reported owning 87,709 shares valued at $3.7 million.

Diamondback Energy Inc (NASDAQ:FANG) explores oil and natural gas reserves in the United States. From the start of the year, the stock has been trending upwards, registering a $58.71 high in November. The company has a market cap of $2.25 billion and does not pay a dividend. The stock trades at a trailing Price to earnings (P/E) ratio of 61.91, way above the industry average of 28.40.

During the third quarter of 2013, the company registered revenues of $57.8 million and earnings of $0.33 per share (EPS). Market analysts expect Diamondback Energy to perform better in the current quarter, eyeing revenues of $80.6 million and EPS of $0.43.

Disclosure: none

Recommended reading:

Clifton S. Robbins, Blue Harbour Group Up Their Stake in CACI International Inc (CACI)

Baker Bros Advisors Increases Stake in Seattle Genetics Inc (SGEN)

Mario Gabelli, GAMCO’s Activist Moves In Superior Industries International Inc. (SUP), Griffin Land & Nurseries, Inc. (GRIF) & Telephone & Data Systems, Inc. (TDS)

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.