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Hedge Funds Have Mixed Feelings On These Two Energy Stocks

Charles Davidson and Wexford Capital continue to dump shares of Diamondback Energy Inc (NASDAQ:FANG), slashing their position to just 171,803 shares from the 844,133 shares reported in the fund’s latest 13F filing. The latest move saw the disposal of 328,814 shares in three transactions at prices varying between $67.15 and $70.92 apiece. As a result, Wexford’s stake in Diamondback Energy has fallen below 1% of the company’s common stock. In a separate Form 4 filing with the Securities and Exchange Commission, J. Carlo Cannell has signaled his bullishness on North American Energy Partners Inc. (USA) (NYSE:NOA), having acquired 13,100 shares of the mining company at an average price of $1.99 per unit. Following this transaction, Cannell Capital is now deemed to own roughly 3.65 million shares of North American Energy Partners, which account for 10.8% of its outstanding shares.

Carlo Cannell

Having previously worked for Goldman Sachs and Steinhardt Partners, Charles Davidson founded Wexford Capital in 1994 and is currently serving as Chairman and Chief Investment Officer. 20 years later, Wexford has grown into a behemoth with more than $5 billion in assets under management, with more than 60% of those assets residing in hedge funds. Davidson has a well-diversified equity portfolio, with roughly one-third of his funds invested in energy stocks and the rest spread across a number of sectors. During the second quarter he made some notable changes to Wexford’s portfolio, with Energy Transfer Partners LP (NYSE:ETP) making its way into the top five holdings of the fund. Davidson built a position that amasses 368.814 shares and has a current market value of $16.5 million. He...