Marc Lasry’s Avenue Capital Portfolio: Top 2 Stock Picks

2. Amplify Energy Corp. (NYSE:AMPY)

Avenue Capital’s Stake Value: $13.62 million

Percentage of Avenue Capital’s 13F Portfolio: 8.42%

Number of Hedge Fund Holders: 15

Houston-based oil company Amplify Energy Corp. (NYSE:AMPY) is a top pick of Marc Lasry’s Avenue Capital. The firm deals in the exploration, drilling, and development of oil and natural gas properties in the United States. In the last year, Amplify Energy Corp. (NYSE:AMPY) gained 151%.

In 13F filings for the third quarter, Avenue Capital reported owning 2,561,375  shares in the company, valued at $13.62 million. The hedge fund reported owning the same number of shares in the company a quarter ago.

Investors were seen loading up on Amplify Energy Corp. (NYSE:AMPY), as 15 hedge funds tracked by Insider Monkey reported owning shares worth $24.74 million in the company. In contrast, 13 hedge funds owned $19.13 million worth of shares in the company a quarter ago.

For the third quarter, Amplify Energy Corp. (NYSE:AMPY) posted earnings per share of $0.28, which beat estimates by $0.10. The company raked in $80.39 million in revenue for the quarter, exceeding analysts’ expectations by $17.68 million.

On October 4, Roth Capital analyst John M. White downgraded the company stock to ‘Neutral’ from ‘Buy’. This update was issued after media organizations reported an oil spill of about 3000 barrels off the Southern California coast. The pipeline breach occurred under the operational management of Elly, a subsidy of Amplify Energy Corp. (NYSE:AMPY).