Seth Klarman ( Trades , Portfolio ) has increased his stake in Cheniere Energy Inc. ( LNG ), a Houston-based energy company dealing in liquefied natural gas, making it his new largest holding, according to GuruFocus Real Time Picks.
Klarman owns 24,807,230 shares of the company after increasing the position by 121.5% on Dec. 31, representing 10% of the company's shares outstanding. The shares closed at $70.40 per share that day, after rising 66% for 2014. They closed on Monday at $68.48 per share.
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Klarman began purchasing Cheniere Energy in the first quarter of 2014, when shares averaged round $50 per share, and continued upping his interest over the second and third quarter.
The increase also bumped Klarman's former first-place holding, Micron Technology Inc. ( MU ).
On Dec. 31, the company received approval from the Federal Energy Regulatory Commission for its second natural gas export terminal, in Corpus Christi. It had secured funding for the project in November.
For the third quarter, Cheniere reported a net loss of $89.6 million, or $0.40 per share, compared to a net loss of $100.8 million, or $0.46 per share, in the same quarter a year ago. Third quarter revenues were $66.8 billion, compared to $67.7 billion a year ago.
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This article first appeared on GuruFocus .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.