Pogo Producing (PPP) Higher After Daniel Loeb's Third Point LLC Discloses Large Stake
In a 13D filing after the close on Pogo Producing Co. (NYSE: PPP), Daniel Loeb's Third Point LLC disclosed a 7.2% stake (4.2 million shares) in the company. The firm had no stake in the company as of the quarter ended September 30, 2006.
In a rather standard disclosure in the Item 4 (Purpose of Transaction) section of the filing, Loeb said they may from time to time, among other things, hold discussions with third parties or with management of such companies (including the Company) in which the Reporting Persons may suggest or take a position with respect to potential changes in the operations, strategy, management or capital structure of such companies as a means of enhancing shareholder value.
Rabble-rousing investor Daniel Loeb is known for his aggressive activism with his investments.
Shares of Pogo Producing are up 7% today to $51.16 on the news.