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Bruce Berkowitz Buys Chesapeake, BP and New York Community Bancorp

By Holly LaFon - 45 seconds ago

About FAIRX, AIG, BP, NYCB, CHK, BAC

Bruce Berkowitz (Trades, Portfolio)’s Fairholme Fund (Trades, Portfolio) (FAIRX) gained 8.72% in the first half of 2014, compared to 7.14% for the S&P. He has beat the index 499.01% versus 76.43% since inception in 1999.

Berkowitz still has the majority of his fund invested in American International Group (AIG) and Bank of America (BAC). In the third quarter, he sold out many of his Fannie Mae and Freddie Mac positions.

His latest new reported positions for the third quarter are: Chesapeake Energy Corp. (CHK), BP Plc (BP) and New York Community Bancorp Inc. (NYCB).

Chesapeake Energy Corp. (CHK)

Berkowitz purchased 536,900 shares of Chesapeake Energy Corp., a 0.17% portfolio position. Shares of the company cost on average $26 in the third quarter.

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Chesapeake Energy Corp was incorporated in Oklahoma in 1989. Chesapeake Energy Corp has a market cap of $15.46 billion; its shares were traded at around $23.25 with a P/E ratio of 29.80 and P/S ratio of 0.80. The dividend yield of Chesapeake Energy Corp stocks is 1.50%.

BP Plc (BP)

Berkowitz purchased 54,000 shares of BP Plc for 0.033% of his portfolio. The share price average was $48.

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BP PLC provides energy products and services. The Company is the parent company of the BP group of companies. BP Plc has a market cap of $123.69 billion; its shares were traded at around $40.53 with a P/E ratio of 16.90 and P/S ratio of 0.40. The dividend yield of BP Plc stocks is 5.70%. BP Plc had an annual average earnings growth of 1.70% over the past 10 years.

New York Community Bancorp Inc. (NYCB)

Berkowitz purchased 148,000 shares of New York Community Bancorp in the third quarter, for 0.032% of his portfolio. The share cost average was $16.

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New York Community Bancorp Inc., formerly Queens County Bancorp Inc. was established in 1859 and was organized under Delaware Law. New York Community Bancorp Inc. has a market cap of $6.99 billion; its shares were traded at around $15.80 with a P/E ratio of 14.80 and P/S ratio of 5.30. The dividend yield of New York Community Bancorp Inc. stocks is 6.30%. New York Community Bancorp Inc. had an annual average earnings growth of 2.10% over the past 10 years.

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