Leon Cooperman Unloads Netflix (NFLX), Citigroup (C), Likes Pandora (P), Others

Omega Advisors is a New York-based hedge fund founded by billionaire Leon Cooperman in 1991. As of the third quarter, Omega’s 13F portfolio has a total worth of $3.24 billion. Omega Advisors was accused of insider trading by the US Securities and Exchange Commission in September. Mr. Cooperman has denied the charges. In this article we analylze the biggest moves of Omega Advisors in the third quarter.

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Hess Corp. (NYSE:HES)

– Shares Owned by Omega Advisors (as of September 30): 986,900

– Value of Omega Advisors’ Holding (as of September 30): $52.92 million

Omega Advisors bought 986,900 new shares of Hess Corp. (NYSE:HES) in the third quarter, spending about $52.92 million. The New York-headquartered oil company reported a third quarter adjusted loss of $340 million, versus the net loss of $291 million reported same quarter last year. The company is facing reverberations of still soft oil prices. Hess recently said that its daily production fell by 16% in the third quarter due to planned and unplanned downtime, reduced drilling activity and field declines. A total of 37 funds tracked by Insider Monkey were bullish on Hess Corp. (NYSE:HES) at the end of the third quarter.

Pandora Media Inc (NYSE:P)

– Shares Owned by Omega Advisors (as of September 30): 2.72 million

– Value of Omega Advisors’ Holding (as of September 30): $39.02 million

Omega Advisors added Pandora Media Inc (NYSE:P) to its portfolio in the third quarter. The fund bought over 2.72 million shares of music streaming company. The company reported third quarter loss of $0.07 a share, worse than the estimates of $0.06, while revenue came in at $351.9 million versus the consensus estimate of $366.33 million. Pandora expects fourth quarter revenue of $362-$374 million, versus the consensus of $392.1 million. As for its performance, Pandora shares are close to flat year-to-date. At the end of the third quarter, Gilchrist Berg‘s Water Street Capital had over 7.55 million shares of Pandora Media Inc (NYSE:P).

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Williams Companies Inc (NYSE:WMB)

– Shares Owned by Omega Advisors (as of September 30): 1.06 million

– Value of Omega Advisors’ Holding (as of September 30): $32.67 million

Omega Advisors acquired a $32.67 million new stake in Williams Companies Inc (NYSE:WMB) in the third quarter, amassing over 1.06 million shares of the Oklahoma-based energy company. Analysts think that the victory of Donald Trump has brightened the chances of approval of Williams Companies’ ambitious pipeline plans, which were recently delayed due to a environmental review. Donald Trump, like many Republicans, does not believe in climate change. His policies will likely make it easier for natural gas companies to expand their pipeline network in the country. With 21 million shares, Eric W. Mandelblatt’s Soroban Capital Partners is one of the biggest stakeholders in Williams Companies Inc (NYSE:WMB), as per the most recent 13-F filing.

Netflix, Inc. (NASDAQ:NFLX)

– Shares Owned by Omega Advisors (as of September 30): – 0

– Value of Omega Advisors’ Holding (as of September 30): – $0

Omega Advisors dumped all 372,500 Netflix, Inc. (NASDAQ:NFLX) shares from its portfolio in the third quarter, ending the period with no stake in the streaming company. Netflix reported third quarter EPS of $0.12 on $2.29 billion revenue, versus the estimate of $0.06 EPS and $2.28 billion revenue. There were 3.57 million new subscriber additions in the quarter. Netflix expects fourth quarter revenue to come in at $2.34 billion, versus the consensus of $2.4 billion. Several media outlets are speculating that Disney might be interested in Netflix, although nothing has been confirmed and everything is a rumor right now. 55 hedge funds in our database were long Netflix, Inc. (NASDAQ:NFLX) at the end of the third quarter.

Citigroup Inc (NYSE:C)

– Shares Owned by Omega Advisors (as of September 30): – 0

– Value of Omega Advisors’ Holding (as of September 30): – $0

Omega sold all 828,318 shares of Citigroup Inc (NYSE:C) in the third quarter. The investment bank Morgan Stanley recently upgraded Citigroup to ‘Overweight’ from ‘Equal Weight’. The firm thinks that the stock will thrive under Donald Trump’s presidency, as it expects higher interest rates, less regulation, lower taxes and increased growth in the Donald’s era. A total of 97 hedge funds tracked by Insider Money held $8.71 billion worth of Citigroup Inc (NYSE:C) at the end of the third quarter.

Disclosure: none