Billionaire Carl Icahn‘s Icahn Capital LP recently filed an amended Form 13D with the SEC on Chesapeake Energy Corp (NYSE:CHK), in which it reported significantly lowering its stake in the company. Icahn Capital now holds 35.34 million common shares of the stock, which account for 4.55% of the outstanding shares. Previously, the fund held more than double that amount, or 73.05 million shares which amassed 9.40% of the float, as per its 13D filing on the company in August. Icahn began selling shares on September 13, though the largest of the sales were made on Monday. Despite the move, Chesapeake still ranks as one of Icahn’s favorite energy stocks.
Chesapeake Energy Corporation is a company that produces natural gas, oil and natural gas liquids, and operates in two divisions: Marketing, Gathering and Compression, and Exploration and Production. Over the past 12 months, the company’s stock has lost 24%, though it increased four-fold between February 12 and September 12 of this year. In its financial report for the second quarter of 2016, Chesapeake Energy reported an adjusted loss per share of $0.14 and revenue of $1.6 billion, compared to a loss per share of $0.13 and revenue of $3.5 billion for the same period in 2015.
Earlier this month, FBR & Co initiated coverage on Chesapeake Energy’s stock, placing an ‘Underperform’ rating on it, with a price target of $5. In contrast, SunTrust Banks raised its price target on Chesapeake shares to $11 from $8 with a ‘Buy’ rating, while Wunderlich upgraded its rating to ‘Buy’ from ‘Hold’ and boosted its price target on it to $10 from $6.
The number of investors tracked by Insider Monkey that were bullish on Chesapeake Energy Corp (NYSE:CHK) remained unchanged during the second quarter, as at the end of June, there were 31 hedge funds in our system with long positions in the stock. Among the biggest investors were Mason Hawkins’ Southeastern Asset Management, which held a position valued at $109.56 million, and John Griffin’s Blue Ridge Capital, with a position worth around $36.81 million. Some other smart money managers with similar enthusiasm included Ken Griffin’s Citadel Investment Group, Robert Henry Lynch’s Aristeia Capital, Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners, and Dmitry Balyasny’s Balyasny Asset Management.
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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 |
|---|---|---|---|---|---|---|
| High River Limited Partnership | 7,068,802 | 0 | 7,068,802 | 0 | 7,068,802 | 0.91% |
| Hopper Investments | 0 | 7,068,802 | 0 | 7,068,802 | 7,068,802 | 0.91% |
| Barberry Corp | 0 | 7,068,802 | 0 | 7,068,802 | 7,068,802 | 0.91% |
| Icahn Partners Master Fund | 11,500,580 | 0 | 11,500,580 | 0 | 11,500,580 | 1.48% |
| Icahn Offshore | 0 | 11,500,580 | 0 | 11,500,580 | 11,500,580 | 1.48% |
| Icahn Partners | 16,774,618 | 0 | 16,774,618 | 0 | 16,774,618 | 2.16% |
| Icahn Onshore | 0 | 16,774,618 | 0 | 16,774,618 | 16,774,618 | 2.16% |
| Icahn Capital | 0 | 28,275,198 | 0 | 28,275,198 | 28,275,198 | 3.64% |
| IPH GP | 0 | 28,275,198 | 0 | 28,275,198 | 28,275,198 | 3.64% |
| Icahn Enterprises Holdings | 0 | 28,275,198 | 0 | 28,275,198 | 28,275,198 | 3.64% |
| Icahn Enterprises G.P. Inc | 0 | 28,275,198 | 0 | 28,275,198 | 28,275,198 | 3.64% |
| Beckton Corp | 0 | 28,275,198 | 0 | 28,275,198 | 28,275,198 | 3.64% |
| Carl C. Icahn | 0 | 35,344,000 | 0 | 35,344,000 | 35,344,000 | 4.55% |
| Date of Transaction Amount of Securities Price High River |
