With oil prices dropping globally, hurting economies that are most dependent on the price of the commodity, fund managers Daniel Loeb and George Soros cut their stakes in YPF SA, an Argentinian oil company, according to Bidness etc. Soros trimmed his stake to 3.4% of shares, and Soros Management now holds 13.32 million shares or $17 million.
Daniel Loeb’s Third Point Management sold of $92.5 worth of shares, and it now has a 0.95% stake worth $3.75 million. Shares of YPF fell 10% to $24.o4 on the news that the fund manager sold shares. This is a reversal of a move made in August, when Soros Fund Management purchased 8.47 million shares. At that time oil prices had been on decline, but with OPEC not cutting production, the end of oil’s plummet is not yet certain.
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YPF’s shares are falling at a time when the Argentinian economy is in turmoil, after it defaulted on its debt in July. There is an ongoing controversy and legal trials over the repaying of its bond holders.
