Yum! Brands, Inc. (YUM), Axalta Coating Systems Ltd (AXTA), and PDC Energy Inc (PDCE): Billionaires George Soros and Steven Cohen Initiated Stakes in These Companies

Messrs. Soros and Cohen also didn’t stand away from betting on oil & gas companies, taking advantage of those stocks losing ground on the back of the drop in oil prices. In this way, Point72 and Soros Fund Management initiated stakes in PDC Energy Inc (NASDAQ:PDCE), a $1.80 billion domestic independent exploration and production company. Point72 disclosed ownership of 161,400 shares, valued at $6.66 million, while Soros reported a $41.04 million stake that contains 994,500 shares.

The stock of PDC Energy Inc (NASDAQ:PDCE) fell by 22% during 2014, as the company’s earnings took a hit from a decline in oil prices. For the fourth quarter, PDC Energy reported a loss of $1.11 per share, versus an EPS of $0.44 a year earlier and a consensus estimate of $0.21. Moreover, as the stock has been losing ground, other investors dumped the stock and the number of funds holding shares of PDC Energy Inc (NASDAQ:PDCE) amounted to 18 at the end of 2014, from 21 funds in the previous quarter. However, in addition to Point72 and Soros, other investors have also been bullish on PDC Energy. For example, Israel Englander‘s Millennium Management inched up its position by 11% during the fourth quarter to 1.76 million shares.

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