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)