Wexford Capital, the hedge fund managed by Charles Davidson, continues to sell its stake in Diamondback Energy Inc (NASDAQ:FANG). A new filing with the U.S. Securities and Exchange Commission revealed that Wexford Capital has unloaded some 351,593 shares of the company in three different transactions at an average price of $70.08 per share. Following the sale, the fund now owns 2.92 million shares of Diamondback Energy Inc (NASDAQ:FANG).
Last month, Wexford Capital reported disposing 1.03 million shares of Diamondback Energy Inc (NASDAQ:FANG) through three separate transactions between January 23 and January 27, bringing down its total share ownership to 3.3 million. In September last year, Wexford Capital reported that it sold around 1.44 million shares of the company in one transaction at a price of $75.44 apiece.
Wexford Capital, which was founded in 1994, manages a number of hedge fund and private equity portfolios. Currently, the fund has about $5.1 billion in assets under management (AUM). From its offices in Connecticut and Florida, Wexford Capital is managing the opportunistic/global macro Wexford Spectrum Fund, the multi-strategy credit oriented Wexford Credit Opportunities Fund and the energy, natural resources and industrials focused Wexford Catalyst Fund. Mr. Davidson co-founded Wexford Capital in 1994, and he currently serves as chairman and chief investment officer. Mr. Davidson oversees the fund’s strategic vision. He also serves as portfolio manager for its Wexford Spectrum Funds and Wexford Catalyst Funds.
According to Wexford Capital’s latest 13F, the value of the fund’s equity portfolio totaled around $1.09 billion. As of the end of the third quarter of 2014, Wexford Capital revealed holding about 7.20 million shares of Diamondback Energy Inc (NASDAQ:FANG). The fund reported its second largest stake in Rhino Resource Partners, L.P. (NYSE:RNO), owing 6.64 million shares of the company at the end of September 2014. During the third quarter, Wexford Capital was bullish on American Airlines Group Inc (NASDAQ:AAL), in which it increased by over 60% to 1.05 million shares in the quarter.
Recently, Wexford Capital disclosed a 5.86% passive stake in Hemisphere Media Group Inc. (NASDAQ:HMTV). The stake contains 710,641 shares, representing a new holding for Wexford Capital, which did not report ownership of the company’s shares in its latest 13F filing. Last month, Wexford Capital, in a couple of new SEC filings, disclosed increasing its stake in Famous Dave’s of America Inc (NASDAQ:DAVE), and reducing its position in RLJ Entertainment Inc (NASDAQ:RLJE). The fund added 10,000 shares to its holding of Famous Dave’s of America Inc (NASDAQ:DAVE), currently owning 710,725 shares of the company. The investor cut its position in RLJ Entertainment Inc (NASDAQ:RLJE) by 83,000 shares to 1.47 million.
Midland, Texas-based Diamondback Energy Inc (NASDAQ:FANG) is an independent oil and natural gas company, with a market cap of $4.1 billion. The company is engaged in the development, exploration, as well as exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Recently, Diamondback Energy Inc (NASDAQ:FANG) conducted an underwritten public offering of 1.75 million shares of the company’s common stock. The underwriter were granted an option to purchase up to an further 262,500 shares of common stock from the company.
Among the largest shareholders of Diamondback Energy Inc (NASDAQ:FANG) is Ken Griffin’s Citadel Investment Group, which reported ownership of 1.93 million shares as of the end of September 2014. Citadel Investment was bullish on the company during the third quarter, upping its position by over 80% in the company. In its latest 13F, Discovery Capital Management, led by Rob Citrone, disclosed owning 1.46 million shares of Diamondback Energy Inc (NASDAQ:FANG), according to our record.
On Wednesday, Diamondback Energy Inc (NASDAQ:FANG) traded down by 3.67% to $67.12. Share price of the company moved up nearly 30% since February 2014. During last six months, the stock fell by 17.76%. The consensus average target price for the stock is $79.61, while the consensus average recommendation ‘Buy,’ based on ratings by 20 analysts.
Diamondback Energy Inc (NASDAQ:FANG) reported impressive financial results as of the end of the third quarter of 2014. For nine months ended September 30, the company posted net income of $95.1 million, which is significantly up from $34.5 million in 2013. Earnings per share was $1.83, as compared to $0.85 in 2013. The company reported revenues of $364.1 million, versus $132.1 million in 2013.
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