UPDATE: Einhorn/Greenlight Capital Takes Stake in Anadarko Petroleum (APC) and BP (BP)

January 22, 2014 10:09 AM EST Send to a Friend
(Updated - January 22, 2014 10:45 AM EST)

David Einhorn's Greenlight Capital has medium size positions in Anadarko Petroleum (NYSE: APC) and BP (NYSE: BP), according to an investor letter.

Greenlight believes BP's NAV is nearly $70 per share, and Einhorn thinks the company can create substantial value by selling assets at or above NAV and using the income to repurchase stock at a significant discount.

Regarding Anadarko Petroleum, Greenlight's legal analysis suggests damages from a titanium dioxide suit will be the smaller of $5 or 14 billion and will be partly tax deductible. Overall the stock is viewed as cheap.

The letter also reiterates Einhorn's bullish views on Micron (NYSE: MU).


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