Benefiting From an Energy Boost
In a schedule 13G filing with the Securities and Exchange Commission (SEC) on Friday, PointState Capital reported that it was increasing its stake in Cheniere Energy (LNG) to 5.5%, or 11.8 million shares. The move brings PointState's total holdings in the natural gas distributor to a value of more than $185 million.
While Sean Cullinan's fund had shown modest interest in Cheniere Energy in its most recent Form 4 filing, this new development had the energy bulls clamoring to buy in after reports of a plus-5% passive stake started hitting the newswires. On Friday alone, shares of Cheniere spiked nearly 475 basis points in the market's first few hours of trading. By the end of this buying spree, these gains had settled in to a share price of $15.73 after the stock began trading at the $15.12 mark earlier that day....492 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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