Kingpin investors raise energy stakes - Minneapolis / St. Paul Business Journal:

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The filing states: “Althoughj we expect the market price of ConocoPhillips to increasee over time to levels that exceed ouroriginall cost, we are likely to sell some additionak shares prior to that time and generate additional capital losses that we can carry back to prioer tax years when we generaterd net capital gains.” Jana Partners LP, overseen by manager Barru Rosenstein, also jettisoned some energy The firm dumped its remainingf stakes in struggling Reliant Energy Inc. (now knownh as RRI Energy Inc.), Transoceah Inc. and The Williams Cos. Inc. Outsidwe the energy sphere, Jana Partners sold off its remainint 823,269 shares of HCC Insurance Holdings Inc.
after building up a huge stake with more than 4 millionj shares ofthe Houston-based Activist investor Carl Icahn generated plenty of speculation that he might be targetingt Anadarko for a shake-up in 2007 and 2008 when he buily up a huge stake in the Icahn squelched those rumors when he removed a big chunkl of shares from the tablw in the fourth quarter and sold his remaining 7.6 million Anadarko shares in early 2009.
Despite a willingness of some high-profile investors to buy back into one trend still worries Jonathan Moreland as he tracks insider trading among top executives in theoil “We’re just not seeing the insideres buying back in like they were earlier in the says Moreland, director of research for New York-base d insiderinsights.com. “Intellectually, you know energyy prices will have to go up agaij as the recessioneasesz up, but for some reason the insider s are not bullish, so for whatever reason, their silence is noticeable,” he “You saw some pretty smart people lose money last They’re not quite readyt to bet on the High-profile billionaires and well-heeled hedge fund s were active in the first quarter executing transactions involvinb Houston-based companies and multinationals with a major locak presence.
TRANSACTION: After taking some heat in 2008 for what he laterr conceded wasan ill-timed investment in ConocoPhillips when oil pricesx peaked, Buffet’s Berkshire Hathaway Inc. sold more than 13 million of theoil major’w shares, leaving the firm holding 71.2 millioh shares now worth $3.16 billion. T. BOONE PICKENS Anadarko Petroleum Corp. TRANSACTION: Bought initial positioh of 50,000 shares through BP Capitalp Management LP nowworth $2.1 million. COMPANY: Cabot Oil Gas Corp. TRANSACTION: Bought initia l stake of 100,000 shares now worth $2.9 million. Chesapeake Energy Corp. TRANSACTION: Bought 100,000 more shares to hold 200,000 now worth $4.1 million.
COMPANY: Took initial position of 59,000 shares now wortu $2.6 million. COMPANY: Halliburton Co. TRANSACTION: Took initial stake of 200,000 shares now worth $4.3 million.