Game Creek Capital held the second largest position in its portfolio in Hess Corp. (NYSE:HES), a global independent energy company that participates in both the production and exploration of natural gas and crude oil. This Big Apple-based company is one of the Fortune 500 corporations and has a market cap of $17.22 billion. At the end of the fourth quarter of 2018, the fund held 231,600 Hess’ shares, which carried a value of $9.38 million, accounting for 4.4% of the fund’s equity portfolio. Over the past 12 months, the company’s stock gained 14.96%, and on March 11th, it was trading at $55.93. At the end of January 2019, Morgan Stanley set the price target on Hess’ stock of $63.00, with a ‘Buy’ rating, while at the same time, Stephens downgraded its rating to “Equal Weight’ from ‘Overweight’, with a price target of $69.
The third biggest stake the fund held in Alphabet Inc Class A (NASDAQ:GOOGL), and this was $8.83 million worth a position, on the account of 8,450 shares outstanding. Alphabet has a market cap of $817.07 billion, and it is trading at a price-to-earnings ratio of 26.98. Its stock gained 0.65% over the past six months, and on March 11th it was trading at $1,179.26.
Among the 7 new positions Game Creek Capital initiated during the last quarter of 2018, the most valuable one was in an NYC-based video game holding company Take Two Interactive Software, Inc Common Stock (NASDAQ:TTWO). The fund purchased 42,300 Take Two’s shares, establishing in that manner a position in the company that was valued $4.35 million. Take Two is the owner of two large publishing brands – 2K (consisting of 2K Games and 2K Sports) and Rockstar Games. Over the last 12 months, Take Two’s stock lost 22.41%, and on March 11th, it had a closing price of $89.80. The company is trading at a price-to-earnings ratio of 28.23, and it has a market cap of $10.16 billion. For the three months ended December 31, 2018, Take Two reported GAAP net revenue of $1.249 billion, compared to $480,840 million in the same period of 2017. It also disclosed dilute earnings per share of $1.57, versus $0.21 in the corresponding quarter of 2017. On February 12th, 2019, BMO Capital Markets downgraded its rating on the stock to ‘Underperform’ from ‘Market Perform’ with a price target of $93.44, while MKM Partners lowered its price target to $115.00 with a ‘Buy’ rating on it.
Another large new stake the fund made during the last three months of 2018 was in Altice USA Inc (NYSE:ATUS), and it was worth around $4.21 million, on the basis of 255,000 Altice USA shares outstanding. Altice USA is a company that offers various system operator services and cable television. It is based in NYC while providing its professional services across 21 states. The company has a market cap of $15.21 billion, and it is trading at a price-to-earnings ratio of 615.30. Altice’s shares gained 27.33% since the beginning of the year, and on March 11th they had a closing price of $21.80 per share.
Out of 15 stocks the fund decided to drop in the last quarter of 2018 it held the largest stakes in TE Connectivity Ltd (NYSE:TEL), Facebook, Inc. Common Stock (NASDAQ:FB), and Lennar Corporation Class B (NYSE:LEN.B). In that manner, Game Creek Capital dumped its $4.1 million worth a position in TE Connectivity (based on 46,400 shares), sold out 14,000 Facebook’s shares, which were valued $2.3 million, and said goodbye to a $1.53 million worth a position in Lennar Corporation (on the account of 39,669 shares outstanding).
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This article was originally published at Insider Monkey.
