Wexford Capital Decreases Exposure to Diamondback Energy Inc (FANG)

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Led by Charles Davidson, Wexford Capital trimmed its position in Diamondback Energy Inc (NASDAQ:FANG). A recent Form 4 filing with the SEC shows that the fund sold 162,900 shares of the company for an aggregate sum of nearly $12.00 million, bringing down its holding to around 9.90 million shares with a current total market value of almost 682.00 million. Diamondback Energy An independent US oil and natural gas company, Diamondback Energy Inc (NASDAQ:FANG) is focused on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin, West Texas. The company had drilled 193 gross producing wells as of December, 2013, owning interests in a total of 225, of which 191 were completed as net producing wells and 20 were in various stages of completion.

Recently, the company announced that it closed an underwritten public offering, in which it sold 3.45 million shares of its common stock at a price of $62.67 apiece. Diamondback Energy Inc (NASDAQ:FANG) generated $1.21 EPS in 2013 and is expected to produce earnings in the range of $2.21 to $3.38 this year. Bearing a beta of 1.42, its shares currently trade at approximately $13.30 apiece. Analysts provide an average recommendation to hold the company’s stock.

Columbus Circle Investors, a fund managed by Donald Chiboucis, is another large shareholder of Diamondback Energy Inc (NASDAQ:FANG), holding around 1.40 million shares of the company. Other funds having significant positions in Diamondback include Ken Griffin‘s Citadel Investment Group and Robert Vollero and Gentry T. managed BeachVollero Beach Capital Partners, the former owning 1.05 million shares of the company, while the latter around 840,500.

Having about $5.1 billion in assets under management, Wexford Capital is divided into three different hedge funds each with an unique focus: opportunitic and global strategies; multiple strategies and credit investments; and energy and industrials. The fund’s $1.17 billion worth equity portfolio is heavily invested in the Basic Materials Sector. Weford also holds a 6.63 million share interest in Rhino Resource Partners, L.P. (NYSE:RNO), a producer of coal of various steam and metallurgical grades. Earlier this year, Wexford was revealed adding Famous Dave’s of America, Inc. (NASDAQ:DAVE) to its equity portfolio, acquiring 478,000 shares, which represent  6.73% of the company’s common stock.

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