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SAC Capital Discloses Larger Stake in SHAW, as Citadel Buys GDP

SAC Capital Discloses Larger Stake in SHAW, as Citadel Buys GDP

Steve Cohen’s hedge fund, SAC Capital, just disclosed a 5% stake in The Shaw Group (NYSE:SHAW), in a 13G filling with the Securities and exchange commission. SAC previously had a position in SHAW, but just boosted it to the 5% threshold, which usually requires a 13-G filling. SAC now holds 3,317,912 shares of the Baton Rouge based, construction company. With a current share price of $25.85, the stake held by SAC is valued at close to $86 million.

SHAW shares are down 3.5% at the time of this writing. BALYASNY ASSET MANAGEMENT, LP, another large hedge fund, own over 4% of SHAW shares.

The company which provides engineering services and technology to Governments and electric companies, has forward price earnings ratio of 10.

Additionally, Ken Griffin’s Citadel Advisors LLC filled a 13-G, showing a 5.33% stake in Goodrich Petroleum Corporation (NYSE:GDP). The hedge fund now owns 1,937,745 shares of the Oil and Gas company. Goodrich Petroleum Corporation (NYSE:GDP) shares are currently trading at 13.34 valuing Citadel’s stake at approximately $25 million.

GDP shares are down over 8% today despite news of the investment. The stock decrease is likely due to a negative report on the company put out yesterday by Raymond James. Raymond James downgraded GDP from “outperform” to “market perform.”

Goodrich Petroleum has a forward price earnings ratio of over 63. The oil & Gas company is involved in the exploration of Oil and natural gas. Headquartered in Houston, Texas, Goodrich was founded in 1970.

H/T StreetInsider.com