Devon Energy Corp Faces a Significant Sell-Off by Cooperman

Leon Cooperman (Trades, Portfolio), a seasoned investor and former chairman of Goldman Sachs Asset Management, has recently filed his 13F for the third quarter of 2024. After converting his hedge fund into a family office in 2018, Cooperman continues to apply a combination of macroeconomic views and fundamental valuation to guide his investment decisions. His latest filings reveal significant portfolio adjustments, including exits and increases in several key holdings.

• Warning! GuruFocus has detected 6 Warning Signs with COOP.

Summary of New Buys

Leon Cooperman (Trades, Portfolio) initiated positions in several promising stocks this quarter, reflecting his ongoing strategy to capitalize on undervalued assets and potential market shifts.

Key Position Increases

Leon Cooperman (Trades, Portfolio) also increased stakes in a total of 17 stocks, among them:

• The most notable increase was in Elevance Health Inc (NYSE:ELV), with an additional 41,000 shares, bringing the total to 171,000 shares. This adjustment represents a significant 31.54% increase in share count, a 0.91% impact on the current portfolio, and a total value of $88,920,000.
• The second largest increase was in Fidelis Insurance Holdings Ltd (NYSE:FIHL), with an additional 754,543 shares, bringing the total to 3,502,066. This adjustment represents a significant 27.46% increase in share count, with a total value of $63,247,310.

Summary of Sold Out Positions

Leon Cooperman (Trades, Portfolio) completely exited 12 holdings in the third quarter of 2024, as detailed below:

• Devon Energy Corp (NYSE:DVN): Leon Cooperman (Trades, Portfolio) sold all 2,200,000 shares, resulting in a -4.4% impact on the portfolio.
• Las Vegas Sands Corp (NYSE:LVS): Leon Cooperman (Trades, Portfolio) liquidated all 1,500,000 shares, causing a -2.8% impact on the portfolio.

Key Position Reductions

Leon Cooperman (Trades, Portfolio) also reduced positions in 6 stocks. The most significant changes include:

• Reduced Apollo Global Management Inc (NYSE:APO) by 138,000 shares, resulting in a -9.05% decrease in shares and a -0.69% impact on the portfolio. The stock traded at an average price of $115.44 during the quarter and has returned 56.18% over the past 3 months and 79.01% year-to-date.
• Reduced DT Midstream Inc (NYSE:DTM) by 194,770 shares, resulting in a -30.68% reduction in shares and a -0.58% impact on the portfolio. The stock traded at an average price of $74.61 during the quarter and has returned 35.47% over the past 3 months and 86.94% year-to-date.

Portfolio Overview

At the end of the third quarter of 2024, Leon Cooperman (Trades, Portfolio)'s portfolio included 40 stocks. The top holdings included 11.2% in Mr. Cooper Group Inc (NASDAQ:COOP), 8.87% in Vertiv Holdings Co (NYSE:VRT), 8.63% in Energy Transfer LP (NYSE:ET), 7.36% in Apollo Global Management Inc (NYSE:APO), and 5.83% in WillScot Holdings Corp (NASDAQ:WSC). The holdings are mainly concentrated in 10 of all the 11 industries: Industrials, Financial Services, Energy, Communication Services, Healthcare, Technology, Consumer Cyclical, Basic Materials, Real Estate, and Consumer Defensive.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.