Billionaire investor T. Boone Pickens reduced his stake in oil and natural gas company Exco Resources Inc. to 11.9 percent, from 12.3 percent, according to a filing Tuesday with the Securities and Exchange Commission.
Pickens reported owning 12.5 million shares of the Dallas-based company. He sold 375,000 shares in open market transactions on Friday for $18.70 to $19.02 apiece.
Exco shares dropped 73 cents, or 3.5 percent, to $17.75 in afternoon trading. During the past 52 weeks, the stock has climbed from a low of $10.13 in July 2006 to reach a high of $19.70 on June 18.
Questions or comments about this story should be directed to Kristen A. Lee at 212-621-7190.
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