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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

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