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Charles Davidson’s Wexford Capital Continues To Slash Stake in Diamondback Energy Inc (FANG)

Wexford Capital, the hedge fund managed by Charles Davidson, continues to sell its stake in Diamondback Energy Inc (NASDAQ:FANG). A new filing with the U.S. Securities and Exchange Commission revealed that Wexford Capital has unloaded some 351,593 shares of the company in three different transactions at an average price of $70.08 per share. Following the sale, the fund now owns 2.92 million shares of Diamondback Energy Inc (NASDAQ:FANG).

Last month, Wexford Capital reported disposing 1.03 million shares of Diamondback Energy Inc (NASDAQ:FANG) through three separate transactions between January 23 and January 27, bringing down its total share ownership to 3.3 million. In September last year, Wexford Capital reported that it sold around 1.44 million shares of the company in one transaction at a price of $75.44 apiece.

Charles Davidson - Wexford Capital

Wexford Capital, which was founded in 1994, manages a number of hedge fund and private equity portfolios. Currently, the fund has about $5.1 billion in assets under management (AUM). From its offices in Connecticut and Florida, Wexford Capital is managing the opportunistic/global macro Wexford Spectrum Fund, the multi-strategy credit oriented Wexford Credit Opportunities Fund and the energy, natural resources and industrials focused Wexford Catalyst Fund. Mr. Davidson co-founded Wexford Capital in 1994, and he currently serves as chairman and chief investment officer. Mr. Davidson oversees the fund’s strategic vision. He also serves as portfolio manager for its Wexford Spectrum Funds and Wexford Catalyst Funds.

According to Wexford Capital’s latest 13F, the value of the fund’s equity portfolio totaled around $1.09 billion. As of the end of the third quarter of 2014, Wexford Capital revealed holding about 7.20 million shares of Diamondback Energy Inc (NASDAQ:FANG). The fund reported its second largest stake in Rhino Resource Partners, L.P. (NYSE:RNO), owing 6.64 million shares of the company at the end of September 2014. During the third quarter, Wexford Capital was bullish on American Airlines Group Inc (NASDAQ:AAL), in which it increased by over 60% to 1.05 million shares in the quarter.

Recently, Wexford Capital disclosed a 5.86% passive stake in Hemisphere Media Group Inc. (NASDAQ:HMTV). The stake contains 710,641 shares, representing a new holding for Wexford Capital, which did not report ownership of the company’s shares in its latest 13F filing. Last month, Wexford Capital, in a couple of new SEC filings, disclosed increasing its stake in Famous Dave’s of America Inc (NASDAQ:DAVE), and reducing its position in RLJ Entertainment Inc (NASDAQ:RLJE). The fund added 10,000 shares to its holding of Famous Dave’s of America Inc (NASDAQ:DAVE), currently owning 710,725 shares of the company. The investor cut its position in RLJ Entertainment Inc (NASDAQ:RLJE) by 83,000 shares to 1.47 million.

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