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George Soros Ups Stake in Plains Exploration

NEW YORK ( TheStreet) -- George Soros bought more shares in Plains Exploration & Production (PXP) in late September, according to the latest filing by Soros Fund Management with the Securities and Exchange Commission.

>>View George Soros' Portfolio

The fund now owns 7.05 million shares or 5.3% of the total shares outstanding. The fund held 5 million shares or 3.6% of the company in June. The stock accounted for 3.8% of the fund's $3.6 billion portfolio at that time.

Texas-based oil company Plains Exploration has also attracted interest from another heavyweight trader recently. Last month Steve Cohen of S.A.C Capital Traders filed a 13G with the SEC reporting a 5.8% stake.

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Plains Exploration said on Wednesday that it had purchased property of Eagle Ford Shale for $578 million as part of its plan to shift focus to onshore fields in the wake of increasing regulations of offshore drilling following the Gulf of Mexico spill.

The company is also putting up its deepwater assets for sale and has said that it has received robust interest for those assets.

The stock was last trading at $27.26 at a price-earnings multiple of 20.

--Written by Shanthi Venkataraman in New York

>To contact the writer of this article, click here: Shanthi Venkataraman.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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