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Whiting Petroleum Corp (WLL) Ken Griffin Ups Exposure to Energy; Nathan’s Famous, Inc. (NATH) in Middle of Selling Streak

The stock of Whiting Petroleum Corp (NYSE:WLL) has been down by nearly 54.8% over the last year, mainly due to the falling oil prices, crude oil futures alone have slid by about 53% since July. The company has announced that it plans to sell 35 million common shares in order to reduce its $5.63 billion debt. A significant part of this leverage was piled up when Whiting acquired Kodiak Oil & Gas Corp. last year and added its $2.2 billion debt to its own balance sheet. Besides the equity offering the company also plans to hold a $1.75 billion debt issuance this year. The stock offering and plans to take on more debt took off the table some previous rumors regarding a potential takeover of Whiting Petroleum Corp (NYSE:WLL).

The recent reduction in  Nathan’s Famous, Inc. (NASDAQ:NATH) stake is the latest of a series of cuts that Steel Partners disclosed this month. The fast food chain specializing in hot dogs is also making an equity play as it announced in late February this year that it will be offering senior secured debt notes due 2020 to the tune of $125 million. Nearly $116 million of this will be used to pay a special dividend to shareholders. The remaining amount will be used for general corporate purposes, according to the company. Nathan’s Famous, Inc. (NASDAQ:NATH)’s stock advanced by 48.5% over the last year. Mario Gabelli’s GAMCO Investors is another significant shareholder of the company with 248,300 shares valued at $19.87 million, according to its latest 13F filing.

Disclosure: none

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