Jana Partners LLC Abandons Energy Companies during Oil Price Slump

Published By : 18 Feb 2015 | Published By : QYRESEARCH

Amid the fourth quarter’s sharp decline in oil prices, the Jana Partners LLC vended its stakes in many energy companies which they had been keeping at bay for a while. 

The quarterly regulatory filing manages investors’ records of more than $100 million and reported that The New York fund sold out of Apache Corp too. 

The company put 0.39% APA sales on the market for the oil and gas producer to sell all its international assets and mainly focus on the drilling in the U.S. 

As of July, last year, Jana Partners LLC owned around $1 billion share in Apache stock, albeit the paring of stake before the fourth quarter. This was said in the letters to investors of funds quarterly. 

Apache announced its plans to sell certain assets and curb down on the jobs undulating the entire management team. 

On the other hand, Jana also exited the Cameron International Corp – an oil and gas equipment provider. Jana held the fourth biggest stake during the end of September. It was a position worth more than $400 million at the time. Stakes were left at 3.7% in explorer Gulfport Energy Corp – the ninth-biggest holder in energy and gas industry.  

The hedge fund revealed its selling of the stake for spun-off unit Civeo Corp and the QEP Resources Inc. 

Jana has bought nearly 3 million shares ($97 million) in Golar LNG Ltd along with a new position, disclosed the filing.  

The hedge fund sold its little stake in McDonalds amid the speculation. It also opened a new position in NCR Corp. The corporation makes point-of-sale ATMs and devices and builds a 7% stake that makes it the highest share holder in the world. 

Jana recently disclosed the stake. The position is worth $360 million.
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