Leon Cooperman Discloses Initial Stake in Atlas Resource Partners

In a recent Form 3 filing with the Securities and Exchange Commission, Leon Cooperman, the manager of Omega Advisors, has disclosed the ownership of of an aggregate amount of around 6.6 million shares of Atlas Resource Partners, L.P. (NYSE:ARP). Out of the total position, some 2.6 million shares are held by Cooperman indirectly via managed accounts, while another 2.6 million shares are held via investment entities. At the same time, Cooperman has direct ownership on 600,000 shares.

Senator Investment Group, managed by Doug Silverman And Alexander Klabin, has closed its position in Atlas Resource Partners during Q3 of 2013. The fund previously held a little over 1 million shares. Wayne Cooperman of Cobalt Capital Management also disclosed selling its entire stake, which contained 752,000 shares his fund previously owned.

Atlas Resource Partners engages in the production of natural gas and crude oil in the United States and has a market cap of $1.17 billion. The stock price has fallen 13% so far in 2013. Shares are currently trading at $19.65 apiece and have a forward Price to Earnings (P/E) ratio of 26.9x. The company pays a dividend of $2.09, with a dividend yield of over 10%.

The recent financial performance reports show that during the third quarter of 2013, Atlas Resource Partners has performed better than in the same period last year. The company registered $80 million in revenues, a 21% year-over-year increase, and a loss per share of $0.74. For the current quarter, analysts expect the company to post revenues of $176.8 million.

Matthew Jones, the President of Atlas Resource Partners, commented on the company’s performance in Q3 of 2013:

Our results this quarter continue the substantial growth our company has experienced over just a short period of time. Having expanded our operations through accretive acquisitions and by the drill bit over the past year and a half, we have significantly grown our proved reserves (+700%).

Disclosure: none

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