Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Steve Cohen’s Bullish Energy Bets: EOG Resources Inc (EOG), Occidental Petroleum Corporation (OXY), More

Steve Cohen has increased his stake in all of his top energy investments, including bumping his position in Occidental Petroleum Corporation (NYSE:OXY) up by 752% to 2.73 million shares valued at $212.57 million. The oil production and exploration company has been able to fulfill the market’s earnings estimate for the second quarter, posting diluted per share earnings of $0.21. Its quarterly revenue was lower than the market’s estimate of $3.90 billion however, with reported revenues of $3.47 billion. Occidental Petroleum Corporation (NYSE:OXY) has pushed up its average oil and gas production volumes by 13.4% in comparison to the prior year, to 658 thousand barrels of oil equivalents. Stephen I. Chazen, CEO and President of Occidental Petroleum Corporation (NYSE:OXY), said, “We continue to focus on managing our business to be profitable in this current environment by improving margins and increasing production through improved well performance.” Millennium Management, led by Israel Englander, reported ownership of 3.38 million shares with a market value of $263.09 million.

Anadarko Petroleum Corporation (NYSE:APC) is another energy stock in which Point72 Asset Management raised its stake, to 2.11 million shares valued at $164.96 million, an increase of 89% from the previous quarter. Following the industry-wide trend, the shares of Anadarko Petroleum have declined by 8.73% year-to-date and are trading at $76.25 as of the reporting period. Anadarko Petroleum Corporation (NYSE:APC) outperformed the market’s earnings and revenue estimates for the second quarter of 2015 with reported revenues of $2.71 billion and adjusted earnings per share of $0.01 against market expectations of $2.52 billion and a loss per share of $0.52, respectively. On a year-over-year basis, the revenue of the oil production firm declined by 39% because of the huge drop in crude oil prices. Anadarko Petroleum Corporation (NYSE:APC) was able to cut down its capital expenditures by $1 billion to $1.4 billion in comparison with the previous year in an effort to weather the storm, which led to the huge earnings beat. Highfields Capital Management, led by Jonathan Jacobson, was a major stockholder of the company as of June 30, with 4.66 million shares worth $364.13 million in its portfolio.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...