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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

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