Cohen’s Point72 Adds to Energy Positions Baker Hughes, Whiting

Aug 14, 2014 5:00 pm ET

Aug. 14 (Bloomberg) -- Point72 Asset Management LP, the firm that manages billionaire Steven A. Cohen’s money after he shut down his hedge fund, added to holdings of Baker Hughes Inc. and Whiting Petroleum Corp. in the second quarter while cutting its stake in Yahoo! Inc.

The firm bought 1.47 million shares of Baker Hughes, boosting the value of its position to $367.1 million as of June 30, according to a filing today with the U.S. Securities and Exchange Commission. The Houston-based energy equipment maker was Point72’s largest U.S.-listed stock holding.

Point72 added to its stake in Whiting Petroleum, leaving it with an investment worth $234.4 million at the end of the second quarter, according to the filing. Point72 reduced its stake in Yahoo, its largest position in the first quarter, to 904,400 shares valued at $31.8 million on June 30.

Point72 cut its holding in Chinese search-engine giant Baidu Inc. by selling about 1.2 million American depositary receipts, leaving it with 407,700, according to the filing. Baidu was SAC’s second-largest holding in the first quarter.

Cohen’s hedge-fund firm, SAC Capital Advisors LP, paid a record $1.8 billion to settle U.S. allegations of insider trading. Jonathan Gasthalter, a spokesman for Point72 at Sard Verbinnen & Co., declined to comment on the filing.