Omega Advisors is a New York-based hedge fund founded by billionaire Leon Cooperman in 1991. As of the third quarter, Omega’s 13F portfolio has a total worth of $3.24 billion. Omega Advisors was accused of insider trading by the US Securities and Exchange Commission in September. Mr. Cooperman has denied the charges. In this article we analylze the biggest moves of Omega Advisors in the third quarter.
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Hess Corp. (NYSE:HES)
– Shares Owned by Omega Advisors (as of September 30): 986,900
– Value of Omega Advisors’ Holding (as of September 30): $52.92 million
Omega Advisors bought 986,900 new shares of Hess Corp. (NYSE:HES) in the third quarter, spending about $52.92 million. The New York-headquartered oil company reported a third quarter adjusted loss of $340 million, versus the net loss of $291 million reported same quarter last year. The company is facing reverberations of still soft oil prices. Hess recently said that its daily production fell by 16% in the third quarter due to planned and unplanned downtime, reduced drilling activity and field declines. A total of 37 funds tracked by Insider Monkey were bullish on Hess Corp. (NYSE:HES) at the end of the third quarter.
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Pandora Media Inc (NYSE:P)
– Shares Owned by Omega Advisors (as of September 30): 2.72 million
– Value of Omega Advisors’ Holding (as of September 30): $39.02 million
Omega Advisors added Pandora Media Inc (NYSE:P) to its portfolio in the third quarter. The fund bought over 2.72 million shares of music streaming company. The company reported third quarter loss of $0.07 a share, worse than the estimates of $0.06, while revenue came in at $351.9 million versus the consensus estimate of $366.33 million. Pandora expects fourth quarter revenue of $362-$374 million, versus the consensus of $392.1 million. As for its performance, Pandora shares are close to flat year-to-date. At the end of the third quarter, Gilchrist Berg‘s Water Street Capital had over 7.55 million shares of Pandora Media Inc (NYSE:P).
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