market folly

Zachary Schreiber's hedge fund firm PointState Capital filed a 13G with the SEC regarding shares of PDC Energy (PDCE).  Per the filing, PointState has revealed a 5.2% ownership stake in with 1,571,500 shares.

This marks an increase of 49% in their position size since the end of 2012.  The 13G was required due to portfolio activity on April 25th.

Per Google Finance, PDC Energy is "a domestic independent exploration and production company, which acquires, develops, explores, and produces natural gas, natural gas liquids (NGLs), and crude oil. Its Western Operating Region is focused on development in the Wattenberg Field in Colorado, particularly in the liquid-rich horizontal Niobrara play and on the ongoing development of refractures and recompletions of its Wattenberg wells. In its Eastern Operating Region, it is focused on horizontal development in the Marcellus Shale in northern West Virginia, and initiated exploration and development activity in the Utica Shale play in Ohio. Its segments include Oil and Gas Exploration and Production, and Gas Marketing."

We've also detailed other portfolio activity from PointState Capital here.