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Leon Cooperman Packs Into Coterra Energy and Las Vegas Sands

Omega Family Office releases quarterly portfolio

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Nov 17, 2021
Summary
  • Firm’s top buy is a major boost in Coterra Energy stake.
  • Firm also establishes position in Las Vegas Sands and boosts Bausch Health Companies holding.
  • Firm also reduces holding in Navient.
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Leon Cooperman (Trades, Portfolio), founder and chairman of Omega Family Office, disclosed this week that his firm’s top four trades during the third quarter included position boosts in Coterra Energy Inc. (CTRA, Financial) and Bausch Health Companies Inc. (BHC, Financial), a new holding in Las Vegas Sands Corp. (LVS, Financial) and the reduction of its holding in Navient Corp. (NAVI, Financial).

A Columbia University graduate, Cooperman applies a fundamental approach to investing combined with his macroeconomic views. The firm pays close attention to the valuation of markets, although it sometimes tries to predict market directions.

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Cooperman converted his firm into a family office in 2018. As of Sept. 30, the firm’s $1.89 billion equity portfolio contains 65 stocks, with 10 new positions and a turnover ratio of 10%. The top four sectors in terms of weight are financial services, energy, technology and communication services, representing 21.82%, 15.19%, 11.29% and 9.45% of the equity portfolio.

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Coterra Energy

Omega purchased 2,964,842 shares of Coterra Energy (

CTRA, Financial), giving the shares 3.42% weight in the equity portfolio.

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Shares of Coterra averaged $17.17 during the third quarter; the stock is modestly undervalued based on Wednesday’s price-to-GF Value ratio of 0.72.

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GuruFocus ranks the Houston-based energy company’s profitability 7 out of 10 on several positive investing signs, which include a high Piotroski F-score of 8 and profit margins and returns that outperform more than 79% of global competitors.

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Other gurus with holdings in Coterra include

PRIMECAP Management (Trades, Portfolio) and Pioneer Investments.

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Bausch Health Companies

The firm purchased 1,811,682 shares of Bausch Health Companies (

BHC, Financial), giving the shares 2.67% weight in the equity portfolio.

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Shares of Bausch averaged $28.40 during the third quarter; the stock is modestly overvalued based on Wednesday’s price-to-GF Value ratio of 1.11.

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GuruFocus ranks the Laval, Quebec-based drug manufacturer’s financial strength 2 out of 10 on several warning signs, which include a weak Altman Z-score of 0.05 and interest coverage ratios that underperform more than 90% of global competitors.

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Gurus with holdings in Bausch include

Carl Icahn (Trades, Portfolio)’s Icahn Capital Management, John Paulson (Trades, Portfolio)’s Paulson & Co., and ValueAct Holdings LP (Trades, Portfolio).

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Las Vegas Sands

The firm purchased 585,000 shares of Las Vegas Sands (

LVS, Financial), giving the position 1.14% of equity portfolio space.

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Shares averaged $43.05 during the third quarter; the stock is significantly overvalued based on Wednesday’s price-to-GF Value ratio of 1.66.

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GuruFocus ranks the Las Vegas-based resort casino company’s financial strength 3 out of 10 on several warning signs, which include a low Piotroski F-score of 3, a weak Altman Z-score of 1.29 and debt ratios that are underperforming more than 90% of global competitors.

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Navient

The firm sold 1,601,644 shares of Navient (

NAVI, Financial), slashing 91.38% of the position and 1.74% of its equity portfolio.

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Shares of Navient averaged $21.46 during the third quarter; the stock is fairly valued based on Wednesday’s price-to-GF Value ratio of 1.03.

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GuruFocus ranks the Wilmington, Delaware-based credit service company’s financial strength 2 out of 10 on the back of debt ratios that underperform more than 88% of global competitors despite having a high Piotroski F-score of 7.

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I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
The views of this author are solely their own opinion and are not endorsed or guaranteed by GuruFocus.com
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