Yesterday, SAC Capital, the hedge fund managed by Stephen Cohen increased its stake in Energy XXI by more than 2.9 million shares to 4,074,684 shares or 5.1 percent.
This is obviously interesting news since SAC Capital might be forced to liquidate some of their hedge fund assets due redemptions from clients concerned over the firms recent SEC inquiry.
Clients of SAC capital have a window to redeem their assets out of SAC Capital this month.
Energy XXI (ticker EXXI) is an independent oil and natural gas exploration and production company. Its growth strategy is acquisitions and is enhanced by its value organic drilling program. The company’s assets are located in United States Gulf of Mexico and the Gulf Coast onshore.