Panning Capital Management LP is a duly registered investment advisor with more than a billion dollars in asset management. The firm is located in New York. The top three holdings of Panning Capital Management LP according to its SEC 13F Filings are NextEra Energy Inc (NYSE:NEE), Navigator Holdings Ltd (NYSE:NVGS), and Globalstar, Inc. (NYSEMKT:GSAT).
The largest investment of Panning Capital Management LP was NextEra Energy Inc (NYSE:NEE), with a total of $61.41 million in value. NextEra Energy Inc (NYSE:NEE) is a company that generates and distributes energy, specializing in both solar and wind energy. The company is also reputed with nuclear power units, operated through its subsidiaries. The top two funds that held the highest number of shares of the company are Oz Management with held 5.08 million shares and Millennium Management with 2.79 million shares. (You can see complete list of hedge funds which hold positions on NextEra Energy Inc (NYSE:NEE) at the end of third quarter.)
Navigator Holdings Ltd (NYSE:NVGS) came forth as the second largest investment of the firm with investment valued at $43.39 million. Navigator Holdings Ltd (NYSE:NVGS) is a holding company that owns ships used for the transportation of liquefied petroleum gas and petrochemical gas through its subsidiaries. In its third quarter 2014 results, Navigator Holdings Ltd (NYSE:NVGS) announced revenue of $80.6 million, representing a 25.5% increase on the company’s revenue for the same period the previous year. Its net income increased by 114.7% to a total of $23.7 million. The company has recently been downgraded by analysts attached to two reputable firms. Wells Fargo & Co. downgraded the stock to “market perform” from “outperform” while Zacks downgraded it to “neutral” from “outperform.”
Globalstar, Inc. (NYSEMKT:GSAT) was the third largest investment of Panning Capital Management LP for the third quarter, accounting for investment valued at $38.43 million. Globalstar, Inc. (NYSEMKT:GSAT) is a company that operates a worldwide, low-earth orbit digital communications, supporting low speed data communication and satellite phone support. The company’s third quarter 2014 reporting was a real jump from its last year report for the same quarter. Globalstar, Inc. (NYSEMKT:GSAT) posted a net income of $129.4 million, way above its $205 million net loss last year. Jgd Management Corp, Steelhead Partners LLC, and Columbia Wanger Asset Management LLC are the company’s biggest shareholders with each holding above 20 million shares.
This article has been written by Victor Ochieng.