Jeff Phillips is has been investing for more than twenty years. He is Harvard educated, with a finance background and a passion for decoding the markets. Jeff employs a disciplined and backtested approach developed over many years.
Jeff manages Covestor’s Long-Short Equity model, a hedge fund-like portfolio where he selects stocks (both long and short) using a bottom-up and opportunistic approach. His decision to periodically employ shorts is a function of overall market direction.
Current top positions in the model include long positions in Parker Drilling Co (NYSE: PKD) and Omega Protein Corp (NYSE: OME). On April 19, Jeff shorted three stocks.
Short #1: Cobalt International Energy, Inc. (NYSE: CIE)
CIE operates as an independent oil-focused exploration and production company. The company focuses on the deepwater U.S. Gulf of Mexico, and offshore Angola and Gabon in West Africa. The company recently closed a public offering of its common stock, raising nearly $500 million:
Cobalt International Energy, Inc. (“Cobalt”) today announced the closing of its previously announced registered underwritten public offering of its common stock. Cobalt sold a total of 35,650,000 shares of its common stock in this offering, including 4,650,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option in its entirety. The offering resulted in total gross proceeds to Cobalt, before underwriting discounts and offering expenses, of approximately $499.1 million, which Cobalt intends to use to fund its capital expenditures and for general corporate purposes.
Short #2: Accuride Corporation (NYSE: ACW)
ACW is engaged in manufacturing and supplying of commercial vehicle components in North America. The products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies and other commercial vehicle components. ACW was recently named Navistar’s supplier of the year:
Accuride Corporation (NYSE:ACW – News) today announced that Navistar, Inc.’s International® recently named Accuride de Mexico its 2010 supplier of the year for outstanding sales in the aftermarket through Navistar’s dealer network.
Accuride’s 2010 sales of steel and aluminum wheels through Navistar’s dealer network increased 300 percent over 2009 levels.
“It is an extreme honor for our Accuride de Mexico facility to be named Navistar’s Supplier of the Year,” said Leigh Wright, Senior Vice President of Accuride Wheels. “We are very pleased that Navistar and Navistar’s customers know they can count on Accuride to consistently deliver the wheels to meet their needs, no matter if they are looking for a wheel with outstanding appearance, weight savings, durability, or all of the above.”
Short #3: ATP Oil & Gas Corporation (NASDAQ: ATPG)
ATPG is engaged in the acquisition, development and production of oil and natural gas properties in the Gulf of Mexico and the United Kingdom and Dutch Sectors of the North Sea (the North Sea). As of December 31, 2009, the Company owned leasehold and other interests in 62 offshore blocks and 104 wells, including 19 subsea wells, in the Gulf of Mexico. ATP is one of the few companies to receive drilling permits in the Gulf of Mexico, following the lifting of the de facto moratorium:
ATP Oil & Gas Corporation today announced that it has received a permit to complete the previously drilled #2 well at Green Canyon (“GC”) Block 300 (“Clipper”) in the deepwater Gulf of Mexico.
“We are pleased that the BOEMRE is confident in ATP’s commitment to safe and environmentally sound operations,” stated T. Paul Bulmahn, ATP’s Chairman and CEO. “The Gulf of Mexico is where we refined our deepwater expertise and we are looking forward to generating further production growth.”
Sources:
“Cobalt International Energy, Inc. Closes Common Stock Offering” Cobalt International Energy, 4/15. https://finance.yahoo.com/news/Cobalt-International-Energy-bw-3344262920.html?x=0&.v=1
“Navistar Names Accuride de Mexico Supplier of the Year” Accuride Corporation, 4/11. https://finance.yahoo.com/news/Navistar-Names-Accuride-de-bw-2418372319.html?x=0&.v=1
“ATP Receives 2nd Gulf of Mexico Deepwater Permit” ATP Oil & Gas Corporation, 4/7. https://finance.yahoo.com/news/ATP-Receives-2nd-Gulf-of-bw-568949224.html?x=0&.v=1
