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Billionaire investor Carl Icahn has added to his position in Cheniere — a natural-gas exporter that hasn't turned a profit in more than 20 years.
Icahn now owns approximately 22,682,159 shares, or a 9.59% stake in the company, according to an amended 13D filing.
In early August, Icahn first disclosed a stake of 8.18%. A few weeks later, Icahn and Cheniere reached an agreement to add two Icahn nominees to the company's board.
Icahn believes the company is "undervalued."
Not everyone feels that way.
Just last week, short-seller Jim Chanos of Kynikos Associates said that he's short the company.
"We've been pretty negative for the past six months on this LNG [liquefied natural gas] space. We think it's a looming disaster," Chanos said on CNBC.
He explained that it's "a little bit tied to Asia."
"LNG was seen as a savior for a lot of natural gas plays—a way to basically satiate the incredible demand for energy out of Asia," he said.
"The problem is that everybody figured this out much like iron ore five years ago at the same time. And so, everybody is convinced building these huge LNG plants that are immensely expensive that costs tens of billions of dollar each, many of them in Australia and in the Pacific rim, the problem is that LNG demand isn't growing anymore."
Shares of Cheniere (LNG) have fallen more than 16% since Icahn first disclosed his stake.
Watch Chanos' CNBC interview below:
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