Stocks to invest in – Billionaire Carl Icahn Slashes Chesapeake Energy Corp (CHK) Stake In Half



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Billionaire Carl Icahn‘s Icahn Capital LP recently filed an amended Form 13D with the SEC on Chesapeake Energy Corp (NYSE:CHK), in which it reported significantly lowering its stake in the company. Icahn Capital now holds 35.34 million common shares of the stock, which account for 4.55% of the outstanding shares. Previously, the fund held more than double that amount, or 73.05 million shares which amassed 9.40% of the float, as per its 13D filing on the company in August. Icahn began selling shares on September 13, though the largest of the sales were made on Monday. Despite the move, Chesapeake still ranks as one of Icahn’s favorite energy stocks.

Chesapeake Energy Corporation is a company that produces natural gas, oil and natural gas liquids, and operates in two divisions: Marketing, Gathering and Compression, and Exploration and Production. Over the past 12 months, the company’s stock has lost 24%, though it increased four-fold between February 12 and September 12 of this year. In its financial report for the second quarter of 2016, Chesapeake Energy reported an adjusted loss per share of $0.14 and revenue of $1.6 billion, compared to a loss per share of $0.13 and revenue of $3.5 billion for the same period in 2015.

Earlier this month, FBR & Co initiated coverage on Chesapeake Energy’s stock, placing an ‘Underperform’ rating on it, with a price target of $5. In contrast, SunTrust Banks raised its price target on Chesapeake shares to $11 from $8 with a ‘Buy’ rating, while Wunderlich upgraded its rating to ‘Buy’ from ‘Hold’ and boosted its price target on it to $10 from $6.

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The number of investors tracked by Insider Monkey that were bullish on Chesapeake Energy Corp (NYSE:CHK) remained unchanged during the second quarter, as at the end of June, there were 31 hedge funds in our system with long positions in the stock. Among the biggest investors were Mason Hawkins’ Southeastern Asset Management, which held a position valued at $109.56 million, and John Griffin’s Blue Ridge Capital, with a position worth around $36.81 million. Some other smart money managers with similar enthusiasm included Ken Griffin’s Citadel Investment Group, Robert Henry Lynch’s Aristeia Capital, Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners, and Dmitry Balyasny’s Balyasny Asset Management.


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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
High River Limited Partnership 7,068,802 0 7,068,802 0 7,068,802 0.91%
Hopper Investments 0 7,068,802 0 7,068,802 7,068,802 0.91%
Barberry Corp 0 7,068,802 0 7,068,802 7,068,802 0.91%
Icahn Partners Master Fund 11,500,580 0 11,500,580 0 11,500,580 1.48%
Icahn Offshore 0 11,500,580 0 11,500,580 11,500,580 1.48%
Icahn Partners 16,774,618 0 16,774,618 0 16,774,618 2.16%
Icahn Onshore 0 16,774,618 0 16,774,618 16,774,618 2.16%
Icahn Capital 0 28,275,198 0 28,275,198 28,275,198 3.64%
IPH GP 0 28,275,198 0 28,275,198 28,275,198 3.64%
Icahn Enterprises Holdings 0 28,275,198 0 28,275,198 28,275,198 3.64%
Icahn Enterprises G.P. Inc 0 28,275,198 0 28,275,198 28,275,198 3.64%
Beckton Corp 0 28,275,198 0 28,275,198 28,275,198 3.64%
Carl C. Icahn 0 35,344,000 0 35,344,000 35,344,000 4.55%
Date of Transaction Amount of Securities Price High River
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Carl Icahn

Icahn Capital LP

Page 1 of 16 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)*

Chesapeake Energy Corporation

(Name of Issuer)

Common Stock, Par Value $0.01

(Title of Class of Securities)

165167107

(CUSIP Number)

Jesse A. Lynn, Esq.

General Counsel

Icahn Capital LP

767 Fifth Avenue, 47th Floor

New York, New York 10153

(212) 702-4300

(Name, Address and Telephone Number of Person Authorized to

Receive Notices and Communications)

September 19, 2016

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box / /.

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d‑7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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