Pabrai Boosts Stake In Chesapeake, Cuts Citigroup, Goldman Sachs

Pabrai Investments, the hedge fund headed by Monish Pabrai, boosted its stake in Chesapeake Energy Corporation (NYSE:CHK) by 1.85 percent or 58,279 shares during the first quarter of fiscal 2013, based on its 13f filing with the Securities and Exchange Commission (SEC).

Pabrai Boosts Stake In Chesapeake, Cuts Citigroup, Goldman Sachs

Currently, Pabrai owns total of 3,214,250 shares of Chesapeake Energy Corporation (NYSE;CHK). The stock represents 24.33 percent of its portfolio.  The investment management firm initially acquired 1,005,000 shares of the energy company in the second quarter of 2012, and increased its stockholdings every quarter.

The stock price of Chesapeake Energy Corporation (NYSE:CHK) is performing well as it gained 20 percent from its $16.46 per share level at the start of the year to its current price at around $20.51 per share. The stock even went up as much as $22.97 per share last March.

The company’s average production level of natural gas per day is approximately 4 billion cubic feet, an increase of 9 percent year-over-year while its average oil production went up by 56 percent year-over-year to 103,000 bbls per day.

Chesapeake Energy Corporation (NYSE:CHK) posted a net income of $15 million or 0r $0.02 per diluted share and its adjusted EBITDA was $1.134 billion, a 35 percent increase year-over-year for the first quarter of 2013.  Last year, the energy company reported $71 million or $0.11 per share net loss.

Pabrai Reduced Stakes In Citigroup Inc. (C)

During the quarter, Pabrai reduced its stockholdings in Citigroup Inc. (NYSE:C) by 13.67 percent or 247,000 shares. Its current position in the company is 1,560,000 shares, which represents 25.59 percent of its portfolio.

Citigroup Inc. (NYSE:C) posted $3.8 billion net income, $1.23 earnings per share, $20.8 billion revenue, and $2.94 net interest margin for the first quarter of the current fiscal year. The stock price of the company is around $48.87 per share in late afternoon trading on Monday.

Pabrai also cut his stake in Goldman Sachs Group, Inc. (NYSE:GS) by 27.94 percent or 55,000 shares. At present, the investment management firm still owns 141,863 shares, which accounts 7.74 percent of its portfolio. It initially acquired 110,864 shares in the bank in the fourth quarter of 2008.

Goldman Sachs Group, Inc. (NYSE:GS) reported solid financial results for the first quarter with a net income of $2.26 billion or $4.29 per share, an increase of 7 percent, and revenue was $10.1 billion. Its solid performance was driven by commercial mortgages and private equity transactions.

During the quarter, Pabrai sold out its entire 2,083,750 shares in General Motors Company (NYSE:GM).  The stock price of the car manufacturer is down by 1.53 percent  to $30.94 per share on Monday around 3:30 in the afternoon in New York.