Kingpin investors raise energy stakes - Houston Business Journal:

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The filing states: “Although we expectf the market price of ConocoPhillips to increas over time to levelsz that exceed our original we are likely to sell some additional sharee prior to that time and generatew additional capital losses that we can carry back to prior tax yearse when we generated netcapitap gains.” Jana Partners LP, overseen by managef Barry Rosenstein, also jettisonefd some energy holdings, The firm dumped its remaining stakese in struggling Reliant Energy Inc. (now known as RRI Energy Transocean Inc. and The Williams Cos. Inc. Outside the energ sphere, Jana Partners sold off its remaininb 823,269 shares of HCC Insurance Holdings Inc.
after building up a huge staker with more than 4 milliohn shares ofthe Houston-based company. Activist investor Carl Icahn generated plenty of speculationm that he might be targeting Anadarko fora shake-up in 2007 and 2008 when he builf up a huge stake in the company. Icah squelched those rumors when he removed a big chunik of shares from the table in the fourtu quarter and sold hisremaining 7.6 million Anadarkk shares in early 2009. Despite a willingness of some high-profils investors to buy back into energy, one trends still worries Jonathan Moreland as he tracks insiderd trading among top executives in theoil patch.
“We’re just not seein the insiders buying back in like they were earlie inthe decade,” says Moreland, directo r of research for New York-basefd insiderinsights.com. “Intellectually, you know energty prices will have to go up again as the recessioneases up, but for some reasoj the insiders are not bullish, so for whateveer reason, their silence is noticeable,” he says. “You saw some prettyt smart people lose moneylast They’re not quite ready to bet on the High-profile billionaires and well-heeled hedgee funds were active in the first quarted executing transactions involving Houston-based companies and multinationals with a major locap presence.
TRANSACTION: After taking some heat in 2008 for what he latedr conceded wasan ill-timed investmen t in ConocoPhillips when oil prices Buffet’s Berkshire Hathaway Inc. sold more than 13 millioh of theoil major’s shares, leaving the firm holding 71.2 million sharesa now worth $3.16 billion. T. BOONE PICKENS Anadarko Petroleum Corp. TRANSACTION: Bought initial positioj of 50,000 shares through BP Capital Management LP nowworth $2.1 million. COMPANY: Cabot Oil Gas Corp. TRANSACTION: Bought initial stake of 100,00p0 shares now worth $2.9 million. Chesapeake Energy Corp. TRANSACTION: Bought 100,000 more shares to hold 200,000o now worth $4.1 million.
COMPANY: Took initial position of 59,000 shares now worthy $2.6 million. COMPANY: Halliburton Co. TRANSACTION: Took initial stake of 200,000 shares now worth $4.3