Market Overview

SandRidge Energy & Atlas Energy: Leon Cooperman's Take On 2 Of His Largest Holdings

Share:

Shares of both SandRidge Energy Inc. (NYSE: SD) and Atlas Energy LP (NYSE: ATLS) skyrocketed Wednesday. SandRidge Energy closed at $1.99, up 16.3 percent, while Atlas Energy closed at $29.05, up 14.3 percent.

One of the main beneficiary of these gains has to be Leon Cooperman, who through his firm Omega Advisors owns over 45 million shares of SandRidge and over four million shares of Atlas Energy, as of September 30, 2014.

Cooperman was on CNBC to discuss his firm’s holding in both these stocks and in energy sector overall.

"I look at Atlas totally differently than SandRidge," Cooperman said. "If present prices persisted for several years, SandRidge’s survival would be an issue. So, I have not added to it, it's become a smaller part of my portfolio because of the big price decline, but we still own it. Atlas, we have been adding to it, if you check filings, I think, we are up to about 12 percent of the company and really the deal is out there. It’s kind of interesting, the day the deal was announced, the deal meaning the sale of Atlas to Targa."

Trade For The Future

"My thought was -- and I can not give you names yet because I have to look towards the end of the year where the prices are -- but I would try to win the contest by picking up a bunch of energy stocks, SandRidge not being one of them, because I think there are real issues there, and maybe being short German Bunds, which yield about 58 basis points, which make no sense to me," Cooperman added.

Posted-In: CNBC Leon Cooperman Omega AdvisorsMedia

 

Related Articles (ATLS + SD)

View Comments and Join the Discussion!

UPDATE: Keefe, Bruyette & Woods Downgrades XL Group

Morgan Stanley Comments On American Express & Discover