Billionaire Steve Cohen‘s Point72 Asset Management has hiked its stake in Whiting Petroleum Corp (NYSE:WLL) according to a recently amended filing with the Securities and Exchange Commission. The fund’s holding of the stock stood at 2.96 million shares at the end of the third quarter, which has now climbed to 5.33 million shares or 1.9% of the company’s outstanding common stock.
Whiting Petroleum, as its name suggests, is an oil and gas company. Over the past 12 months, the company’s shares have gained 22.62%. In its financial report for the third quarter of 2016, Whiting Petroleum reported a loss per share of $0.47, and revenue of $129.2 million, compared to a loss per share of $0.17 and revenue of $508 million for the same period of the previous year.
Earlier this month, R.F. Lafferty initiated coverage on the stock with a ‘Buy‘ rating and a price target of $23, while Wells Fargo downgraded its rating on it ‘Market Perform’ from ‘Outperform’. Lastly, Wunderlich raised its price target on WLL to $13 from $9, with a ‘Hold’ rating on it.
At the end of September, 35 investors from our database held long positions in Whiting Petroleum Corp (NYSE:WLL), down by 6 from the end of the second quarter. The most bullish hedge fund was Debra Fine’s Fine Capital Partners, with a position worth close to $120.3 million, amounting to 12.3% of its total 13F portfolio. On Fine Capital Partners’ heels was Israel Englander’s Millennium Management, which owned a $90 million position. Other investors with similar optimism counted Doug Silverman and Alexander Klabin’s Senator Investment Group, Ken Griffin’s Citadel Investment Group, and David Costen Haley’s HBK Investments.
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Among investors who lost interest in Whiting Petroleum Corp (NYSE:WLL) and cut off their positions during the third quarter were Dan Loeb’s Third Point, which got rid of the largest investment of all the investors tracked by Insider Monkey, comprising close to $75.9 million in stock, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, which cut about $25.8 million worth of shares.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Point7 | 0 | 5,325,872 | 0 | 5,325,872 | 5,325,872 | 1.9% |
| Point7 | 0 | 5,325,872 | 0 | 5,325,872 | 5,325,872 | 1.9% |
| Cubist Systematic Strategies | 0 | 2,629 | 0 | 2,629 | 2,629 | Less than 0.1% |
| Steven A. Cohen | 0 | 5,328,501 | 0 | 5,328,501 | 5,328,501 | 1.9% |
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Page 1 of 9 – SEC Filing
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| [ ] | Rule 13d-1(b) | ||
| [X] | Rule 13d-1(c) | ||
| [ ] | Rule 13d-1(d) |
