In a new 13G filing with the Securities and Exchange Commission, billionaire Howard Marks‘ Oaktree Capital Management reported acquiring 18.75 million shares of Bellatrix Exploration Ltd. (NYSE:BXE), which amass 8.8% of the company’s outstanding stock. The acquisition represents a new addition to Oaktree Capital Management’s portfolio.
Shares of Bellatrix Exploration Ltd. (NYSE:BXE), which is an oil and gas exploration company, have lost 22.07% this year, despite a strong performance from the energy sector. In its financial report for the second quarter of 2016, Bellatrix Exploration reported a net loss per share of CAD0.28 ($0.21) and revenue of CAD48.29 million ($36.68 million), compared to a net loss per shares of CAD0.13 ($0.10) and revenue of CAD88.94 million ($67.56 million) for the same quarter of the previous year. Recently, TD Securities reiterated its ‘Hold’ rating on Bellatrix Exploration’s stock, with a price target of $1.50, while Credit Suisse Group AG reiterated its ‘Neutral’ rating on it and boosted its price target to $1.25 from $1.00.
Of the 749 hedge funds tracked by Insider Monkey which filed 13Fs for the June quarter, seven were long Bellatrix Exploration Ltd. (NYSE:BXE), up by one from the end of the March quarter. Among the bullish investors were Daniel Lewis’ Orange Capital, which owned $6.28 million worth of Bellatrix Exploration’s stock, Youlia Miteva’s Proxima Capital Management, with a position in the company valued at $4.97 million, Jim Simons’ Renaissance Technologies, and Brett Hendrickson’s Nokomis Capital.
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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 |
|---|---|---|---|---|---|---|
| Oaktree Value Opportunities Fund | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Value Opportunities Fund GP | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Value Opportunities Fund GP Ltd | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Fund GP I | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Capital I | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| OCM Holdings I | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Holdings | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Capital Management | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Holdings, Inc | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Capital Group | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% | ||
| Oaktree Capital Group Holdings GP | 18,750,000 | 18,750,000 | 18,750,000 | 8.8% |
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Page 1 of 23 – SEC Filing
| BELLATRIX EXPLORATION LTD. |
| (Name of Issuer) |
| COMMON SHARES |
| (Title of Class of Securities) |
| 078314101 |
| (CUSIP Number) |
| October 4, 2016 |
| (Date of Event which Requires Filing of this Statement) |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed. | |
| ☐ | Rule 13d-1(b) |
| ☒ | Rule 13d-1(c) |
| ☐ | Rule 13d-1(d) |
