Apple Inc. (NASDAQ: AAPL) was a large gain by Appaloosa Management, with a gain of more than 500,000 shares up to 685,000 shares worth some $303 million. This of course was worth more in April. Farallon put up a new position of just over 192,000 worth some $116 million. Janus only lowered its stake by 0.5% and Apple is still its largest holding at over $3.8 billion, while Vanguard lifted its stake by about 5% worth over $23 billion.

Caesars Entertainment Corporation (NASDAQ: CZR) was a strange position on the surface, but easy to explain later. Paulson & Co. was shown to have lifted its stake to 12.37 million shares from NO SHARES at the end of 2011. The problem is that Paulson owned Caesars shares already before the IPO but it was not public before the end of 2011.

Computer Sciences Corporation (NYSE: CSC) was a 2.4 million share stake by Greenlight Capital (under David Einhorn) worth $72 million, and that was a new position. With an activism flare, maybe this can light some fire under what has been a dead tech-value stock. Another firm, Highbridge Capital Management LLC, added more than 1 million shares as a new position in the first quarter.

DaVita Inc. (NYSE: DVA) was a key addition of Warren Buffett’s Ted Weschler who grew his stake to 6,000,000 from almost 2.7 million shares. This was a doubling of the stake, but we would note that this stock has slid 10% since the end of the quarter. The overall position may be closer to break-even here, but this has a huge portion of the kidney dialysis market as of today.

Dollar General Corporation (NYSE: DG) was a surprise for us considering that we thought Warren Buffett’s new manager Todd Coombs would have added to this position rather than cutting it. Maybe the valuation premium just became too much. The March 31 stake was 3.63 million shares versus the 4.497 million shares at the end of 2011.

El Paso Corporation (NYSE: EP) saw more than one move higher. Farallon Capital added another 50% or so to end with 22.49 million shares worth $235 million in the first quarter; Paulson & Co. doubled its stake in the first quarter to 8 million shares worth over $118 million.

Encana Corporation (NYSE: ECA) is a standout because it looks small, but it is a good whale watching stock. BP Capital’s T. Boone Pickens initiated a new position of more than 1.13 million shares worth some $22.3 million.

Express Scripts Holding Co. (NASDAQ: ESRX) was a very large gain by Farallon Capital, where the position rose to over 5.65 million shares as of March 31 from only 1.17 million shares at the end of 2011. Paulson & Co. also doubled its stake in the first quarter to 3.24 million shares worth over $87 million shares. With the merger now closed, others have been looking at this despite Walgreen’s issues.

General Motors Co. (NYSE: GM) was another new position of 10 million shares worth more than $250 million. Frankly, we might have guess that Ford would have been chosen. Is it possible that this was a “politically motivated or influenced” as Buffett is such a supporter of Obama? That admittedly seems like a stretch, but if we were looking for auto exposure it would have probably been with Ford.

SIRIUS XM Radio Inc. (NASDAQ: SIRI) saw SAC Capital grow from only over 3 million shares at the end of 2011 to 98.2 million shares worth almost $217 million in the first quarter, SAC wheels and deals in shares all the time, so they could have been in and out of a lot more or less shares before, during, and after that point.

Skyworks Solutions Inc. (NASDAQ: SWKS) scored a new large stake in the first quarter by Maverick Capital. The new holdings came to over 5.8 million shares worth some $161 million at the end of the quarter, likely as an “Apple play.”

United Continental Holdings (NYSE: UAL) was hard not to miss in the whale hunting as well as Appaloosa grew its position by 500% or so up to over 7.9 million shares worth over $146 million.

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JON C. OGG

Facebook and its $100 billion valuation, although by far the largest on our list, is just one of many IPO potentials which will be in high demand. A new stock exchange, a host of online media outfits, a giant casino, big name retail, and private equity are all trying trying to have successful IPOs in 2012. You do not have to be an approved Second Market account holder or a venture capitalist to have a stake. Investors in 2012 can invest through business development outfits like GSV Capital Corporation (NASDAQ: GSVC), which owns shares of Facebook and Twitter, and Keating Capital, Inc. (NASDAQ: KIPO). These pre-IPO funds were not available ahead of many of the top 2011 IPOs. There is even the First Trust US IPO Index (NYSE: FPX) fund for investors looking at other investment strategies around IPO investing.

But other than those listed here, there are many other potential IPO candidates waiting in the wings. Among the private equity’s past giant leveraged buyouts are Univision and Clear Channel in media and TXU in power and electricity, which could all be potential IPO candidates if and when the market will accommodate them. Also, such companies as the fashion-deal site called Gilte Groupe, the “Angry Birds” video game maker Rovio, and others are also waiting in the wings with possible IPOs.

24/7 Wall St. has compiled a detailed review of each of the expected top IPOs for 2012. We have included details on the finances, backers, related entities, financial terms, the size of the IPO, and even the underwriting groups.

1.  BATS Global Markets, which was founded in 2005, first filed to become a public company in May of 2011. The company, which started as an alternative to the NYSE for equities trading in Europe and the U.S. is now the third largest equity exchange in America and operates the second largest pan-European multilateral trading facility. As such, this IPO is is a key one for investors of exchanges and trading platforms. BATS plans to raise up to $100 million through the offering. More than 90% of the company’s revenues come from trading U.S. equities. These days it is also a primary listing venue, meaning it can conduct IPOs. The global operator of stock and options markets plans to list its shares on its own exchange rather than the NYSE under the ticker BATS. The offering will have a dual-class share structure and the bankers are listed as Morgan Stanley, Citigroup, and Credit Suisse.

2.  Caesars Entertainment Corporation filed for its IPO in late 2011. This IPO is a holdover from the private equity buyout days when the company tried to go public but later retracted the offering. No exchange was specified nor was a ticker set in the filing. As of September 30, 2011, the company owned or operated 52 casinos in a dozen U.S. states and seven countries under the brand names of Caesars, Harrah’s and Horseshoe with a total gaming space of 3 million square feet and about 42,000 hotel rooms. Caesars Entertainment is what’s left of the massive $9.3 billion buyout by Apollo Global Management, LLC (NYSE: APO) and TPG in 2005. Sales in the first nine months of 2011 were more than $6.6 billion and operating income was was over $600 million, with a net loss after items of $467 million. Private equities and casino operators are paying close attention to this IPO. If the real size of the overall company is too large, perhaps the private equity firms may consider breaking the underlying companies up into separate offerings and utilize a ‘keiretsu’ approach under a network of companies.

Read Also: DJIA 2012 Gain of 12% Projected

3.  The Carlyle Group, L.P. filed to raise up to $100 million in securities in September 2011. As one of the best known names in the world of private equity IPO be one to watch, for investors and other private equity companies. No ticker and no exchange were designated in the filing, but the company named J.P. Morgan, Citi, and Credit Suisse as the lead underwriters. With more than $150 billion in assets under management, this private equity giant is a key player in real assets, global market strategies, and now also in funds of funds after buying a 60% equity interest in AlpInvest. With several private equity companies already publicly traded, Carlyle has been an IPO candidate group for years.

From the EPA announcement:

EPA constructed two deep monitoring wells to sample water in the aquifer. The draft report indicates that ground water in the aquifer contains compounds likely associated with gas production practices, including hydraulic fracturing. EPA also re-tested private and public drinking water wells in the community. The samples were consistent with chemicals identified in earlier EPA results released in 2010 and are generally below established health and safety standards. To ensure a transparent and rigorous analysis, EPA is releasing these findings for public comment and will submit them to an independent scientific review panel. The draft findings announced today are specific to Pavillion, where the fracturing is taking place in and below the drinking water aquifer and in close proximity to drinking water wells – production conditions different from those in many other areas of the country.

The EPA is careful to note that the study does not present a general indictment of fracking, but is specific to the wells around Pavillion. That distinction may get lost as the debate over fracking continues to heat up.

An Encana spokesman said that the study doesn’t prove anything. Rather, the contamination is a “probability — and based on the facts, not a good probability.” He noted that the methane and benzene that the EPA found were naturally occurring and are common in any gas-rich area.

Much of the detected contaminants were located in close proximity to the waste water pits that hold the fracking fluids after they have been pumped back out of the wells. In its draft report (available here), the EPA found:

Detection of high concentrations of benzene, xylenes, gasoline range organics, diesel range organics, and total purgeable hydrocarbons in ground water samples from shallow monitoring wells near pits indicates that pits are a source of shallow ground water contamination in the area of investigation.  When considered separately, pits represent potential source terms for localized ground water plumes of unknown extent. When considered as whole they represent potential broader contamination of shallow ground water. A number of stock and domestic wells in the area of investigation are fairly shallow (e.g., < 30 meters below ground surface) representing potential receptor pathways.

In other words, the fluid in the pits is seeping back into the ground and creating underground plumes that contaminate shallow ground water.

The gas wells at Pavillion are quite shallow, as modern-day drilling goes. The EPA noted that fracking occurred at one well at a depth of just 372 meters (about 1,200 ft). Some domestic and stock wells are as shallow as 800 feet. According to the draft, “With the exception of two production wells, surface casing of gas production wells do not extend below the maximum depth of domestic wells in the area of investigation.” That could allow methane and fracking fluids rather easily to flow into the groundwater.

Hydraulic fracturing of gas fields has been blamed for a rash of earthquakes in Arkansas and implicated in some minor quakes in the Dallas-Fort Worth area. This latest EPA study now links fracking to groundwater contamination. Could be some tough days ahead for producers.

Paul Ausick

American Water Works Company, Inc. (NYSE: AWK) added to Strong Buy List at Zacks.
Bank of America Corporation (NYSE: BAC) Cut to Hold at S&P Capital IQ (late-Tuesday).
Brookfield Infrastructure Partners LP (NYSE: BIP) reinstated as Outperform with $32 target at Credit Suisse.
Caterpillar Inc. (NYSE: CAT) Started as Overweight at Morgan Stanley.
Citigroup, Inc. (NYSE: C) Cut to Hold at S&P Capital IQ (late-Tuesday).
Corn Products International (NYSE: CPO) named Value Stock of the Day at Zacks.
Deere & Co. (NYSE: DE) Started as Underweight at Morgan Stanley.
Diamond Foods, Inc. (NASDAQ: DMND) Cut to Neutral at BofA/ML; Cut to Neutral at Janney.
Encana Corporation (NYSE: ECA) Cut to Neutral at BofA/ML.
Gap Inc. (NYSE: GPS) Raised to positive at Susquehanna.
Government Properties Income Trust (NYSE: GOV) Cut to Neutral at Janney.
Joy Global, Inc. (NASDAQ: JOYG) Started as Equalweight at Morgan Stanley.
J.P. Morgan Chase & Co. (NYSE: JPM) Cut to Hold at S&P Capital IQ (late-Tuesday).
OpenTable, Inc. (NASDAQ: OPEN) Cut to Neutral at BofA/ML; Cut to Market Perform at Morgan Keegan; Raised to Buy at ThinkEquity.
Seaspan Corporation (NYSE: SSW) Cut to Hold at Deutsche Bank.
Texas Roadhouse Inc. (NASDAQ: TXRH) Cut to Neutral at Credit Suisse.
United States Cellular Corporation (NYSE: USM) Cut to Underweight at Morgan Stanley.
Valero Energy Corporation (NYSE: VLO) Reiterated Buy with $35 target at Argus.

We were also given a new updated list of the prized Gabelli Focus Five List showing that all five positions were new positions as special situation stocks that the firm feels are undervalued to the market expectations.  This list outperformed in the last quarter and has significantly outperformed the S&P going back to the 2006 inception.

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Unlike the over-supply in other shipping markets, LNG vessels are in short supply and carriers like Teekay LNG Partners LP (NYSE: TGP) and Golar LNG Ltd. (NASDAQ: GLNG) are reaping the rewards. The global fleet for LNG carriers totals just 364 vessels. Day rates have risen above $100,000 and Golar is thought to be concluding a deal at $120,000. By 2013, the day rate could be as high $140,000.

These are the highest day rates since 2006, and are due to the fact that 90% of the LNG fleet is contracted on long-term deals that leave only a relative handful of vessels available for spot shipments. LNG cargoes headed for Europe have been redirected to Asia, where LNG prices are higher, increasing the amount of time the LNG carriers are hauling a single cargo.

Much of the LNG is coming from Qatar and is going to Japan. Before the earthquake and tsunami this past Spring, Japan consumed about 70 million tons of LNG annually. That number is expected to rise to 85 million tons in 2011 and 90 million tons in 2012. Qatar’s exports are soon expected to reach 120 million metric tons annually.

Until the recent US boom in shale gas extraction, the US was expected to be an importer of LNG and several receiving terminals had been proposed. Now, Cheniere Energy, Inc. (AMEX: LNG) and its subsidiary Cheniere Energy Partners LP (AMEX: CQP) have been approved to build a liquefaction facility at the Sabine Pass LNG receiving terminal, but that project is still a few years away. A proposed receiving terminal in Oregon has also begun the process of getting federal approval to export LNG.

The Kitimat LNG facility in British Columbia is another proposed LNG export terminal owned by Apache Corp. (NYSE: APA) with 40% and Encana Corp. (NYSE: ECA) and the Canadian arm of EOG Resources Inc. (NYSE: EOG), each with 30%. The feedstock will come from Apache and EOG fields in Canada. Initial annual capacity of five million metric tons is due in 2013.

The LNG carrier market could be constrained into 2013. New orders for LNG vessels totaled just 5 in 2010, compared with 45 so far this year. Vessels ordered this year are expected to be delivered in 2014-2015, but all may not be built.

The other impact on LNG carriers could come from new Pacific Rim facilities that will be closer to the Asian markets and lower demand for the long-haul trips from Europe and Africa.

For now, though, the outlook is strong for LNG carriers. Teekay has been only a bit better than flat for the past 12 months, but Golar shares are up more than 150%, though about 20% off of 52-week highs.

Paul Ausick

The price of natural gas was decoupled from crude prices in 2007 and has never recovered. For a time in 2006, natural gas flirted with prices around $14/tcf, but that didn’t last long. The difference is due almost entirely to scarcity. Will natural gas recover even a little during 2011 or 2012? And how high will natural gas prices go?

The US Energy Information Administration projects an average price for natural gas of $4.24/tcf by the end of 2011, which is $0.15 lower than the average price in 2010. In 2012, the EIA expects a natural gas price of $4.41/tcf. In order to make a profit on natural gas, the industry needs a price in the range of $6-$8/tcf. That’s certainly not going to happen in the next 16 months unless some event of Biblical proportions should occur.

The 10 largest producers of natural gas in 2009 (the last year for which figures are currently available) were, in order, Exxon Mobil Corp. (NYSE: XOM), BP plc (NYSE: BP), Chesapeake Energy Corp. (NYSE: CHK), EnCana Corp. (NYSE: ECA), ConocoPhillips Corp. (NYSE: COP), Devon Energy Corp. (NYSE: DVN), EOG Resources, Inc. (NYSE: EOG), Anadarko Petroleum Corp. (NYSE: APC), Ultra Petroleum Corp. (NYSE: UPL), and Questar Corp. (NYSE: STR). Exxon’s top ranking includes its acquisition of XTO Energy, which had not officially been completed in 2009.

US natural gas production has changed dramatically since the adoption of horizontal drilling and hydraulic fracturing (fracking) of gas deposits trapped in nearly impermeable rocks generically called shale. Fracking makes much more gas recoverable and at a faster rate than conventional drilling. That’s one of the industry’s problems.

Leaseholders must drill within a specified period — usually three years — or lose their lease rights. Perhaps equally important is the nature of the hottest drilling areas themselves — shale gas fields, unlike their conventional counterparts, ordinarily ramp to full production much more quickly, hitting a peak quickly and producing an estimated 50% of lifetime production in the first year of operation.

The irony is that as shale gas production ramps up, conventional production is falling. The EIA estimates that natural gas production between now and 2035 will rise by an annual average of just 0.8%. But that’s a medium-to-long-term average. In the short run, production is rising quickly and depressing prices.

Over the longer term, natural gas prices are poised to rise. Gas-fired power plant construction is increasing as older and more polluting coal-fired plants are being taken out of service. The Daiichi Fukushima disaster in Japan has chilled nuclear power plant development and new US nuclear plants may never be built. Neither of these is having an immediate effect on natural gas prices, but both are medium-term boosters to gas prices.

A more significant impact could come in the somewhat longer term in global demand for liquefied natural gas (LNG). The bounty of US natural gas made available by horizontal drilling and fracking could be converted to LNG and shipped overseas. One US company, Cheniere Energy, Inc. (AMEX: LNG) that was planning to import LNG has been granted authorization to export LNG and expects to begin shipments in 2015.

None of this will affect natural gas prices for the rest of this year or into 2012. As summer’s heat gives way to cooler temperatures, demand for air conditioning will drop, reducing demand for natural gas. Demand will pick up again as the heating season begins, but summer is now the bigger demand period for natural gas and heating season supplies are likely to be plentiful.

An average price of no more than $4.10 is likely where natural gas will finish the year. For 2012 that could rise to $4.25, but anything higher seems unlikely. At least that’s the view from here.

Paul Ausick

The company is an independent exploration and production outfit focused on the exploration, acquisition and development of unconventional oil and natural gas resources.  The company was recently formed “for the purpose of acquiring SEP I’s unconventional oil and natural gas assets, which are held in SEP Holdings III and will be contributed to us as part of the formation transactions.”

What matters here besides being a new company is that this an Eagle Ford Shale player.  The company claims to have accumulated approximately 39,000 net leasehold acres in the oil and condensate, or black oil and volatile oil, windows of the Eagle Ford Shale in Gonzales, Zavala and Frio Counties of South Texas.  It also owns all rights and depths on the majority of its Eagle Ford Shale acreage, but it does have approximately 1,500 net acres in the Haynesville Shale in Natchitoches Parish, Louisiana.  Those are listed in the prospectus as being operated by Chesapeake Energy Corporation (NYSE: CHK) and Encana Corporation (NYSE: ECA). The company also has acquired roughly 82,000 net acres in northern Montana as prospective land for the Heath, Three Forks and Bakken Shales.

The majority of its cap-ex budget from July 2011 through December 2012 is said to be focused on the development and expansion of the oil focused Eagle Ford Shale acreage and operations.  The company further noted that it plans to aggressively pursue additional leasehold and strategic acquisitions in the Eagle Ford Shale.

Sanchez’s Eagle Ford Shale acreage is composed of approximately 9,300 net acres in Gonzales County, Texas that it calls its Palmetto area.  It also has about 29,500 net acres in Zavala and Frio Counties, Texas that it calls its Maverick area. Hilcorp Energy Company and its affiliates recently entered into a definitive agreement for the sale of 141,000 net acres in the Eagle Ford Shale, including its 50% ownership interest in the Palmetto area to Marathon Oil Corporation (NYSE: MRO) for approximately $3.5 billion at an average of $24,822 per acre before adjustments.  The company does note that when the acquisition closes on November 1, 2011 that Marathon will be its 50/50 working interest partner in the Palmetto area.

The sole book-runner is Johnson Rice & Company and the senior co-manager is Macquarie Capital.  Sanchez Energy plans to list its stock on the New York Stock Exchange under the symbol “SEN.”

The filing notes on the management team, “Our management team and the Sanchez Group have a proven track record in identifying, acquiring, and executing large drilling programs and have operated a wide range of drilling projects over the last 40 years, primarily focused as an operator in the South Texas and onshore Gulf Coast areas. Various members of the Sanchez Group have been in the oil and natural gas business since 1972, have drilled or participated in over 900 wells, directly and through joint ventures, and have invested substantial amounts of capital in the oil and natural gas industry.”

The full IPO filing is here.

JON C. OGG

This poses a severe financial risk for many companies who are dependent upon the future of natural gas.  We are tracking United States Natural Gas (NYSE: UNG), Exxon Mobil Corp. (NYSE: XOM), Chesapeake Energy Corp. (NYSE: CHK), Encana Corp. (NYSE: ECA), Devon Energy Corp. (NYSE: DVN), EOG Resources Inc. (NYSE: EOG), and Questar Corp. (NYSE: STR).  Also being tracked are Cheniere Energy, Inc. (AMEX: LNG), Cheniere Energy Partners LP. (AMEX: CQP), Clean Energy Fuels Corp. (NASDAQ: CLNE) and Westport Innovations Inc. (NASDAQ: WPRT).  The losses are brutal, and the weak stock market is not helping things.

United States Natural Gas (NYSE: UNG) has to be one of the worst exchange-traded products out there because of erosion into roll-dates in the futures contracts.  Still, it is actively traded because investors can easily get exposure to natural gas on an intraday basis this way in their normal equity accounts.  This trust is down 3.6% at $9.97 and a new 52-week low of $9.94 was just hit this morning.

Exxon Mobil Corp. (NYSE: XOM) includes XTO after its huge natural gas acquisition.  Shares are down 1.3% at $76.71 and the 52-week range is $55.94 to $88.23.  Chesapeake Energy Corp. (NYSE: CHK) is the largest pure-play for natural gas and it recently even started a venture fund to drive nat-gas interests as part of the next energy policy.  Chesapeake is down a sharp 5.3% at $32.42 and the 52-week range is $19.68 to $35.95.

Encana Corp. (NYSE: ECA) is down 2.9% at $27.40 and close to 52-week lows as that range is $26.02 to $35.25.  Devon Energy Corp. (NYSE: DVN) is down 4.3% at $72.55 but its 52-week range is $59.07 to $93.56.  EOG Resources Inc. (NYSE: EOG) is down 4.1% at $93.96 versus a 52-week range of $85.42 to $121.44. Questar Corp. (NYSE: STR) is down only 1.7% at $17.95 and its 52-week range is $16.03 to $19.06.

Cheniere Energy, Inc. (AMEX: LNG), a liquefied natural gas (LNG) terminal operation, is down almost 9% at $8.89 versus a 52-week range of $2.30 to $12.81.  Its limited partnership is called Cheniere Energy Partners LP. (AMEX: CQP) and that is down ‘only 3.3%’ at $16.55 versus a 52-week range of $15.05 to $24.54.

Clean Energy Fuels Corp. (NASDAQ: CLNE) is T. Boone Pickens’ ‘gas station’ play that he wants to serve the nat-gas trucks as the refuel-stop on major trucking routes.  Shares are down more than 4% at $14.58 versus a 52-week range of $11.75 to $17.85.

Westport Innovations Inc. (NASDAQ: WPRT) is down 4.5% at $22.74 versus a 52-week range of $14.25 to $28.05.  The company specializes in alternative energy engines for trucks, particular those using compressed natural gas.

Dow Jones was calling for a build of 36 billion cubic feet, but the weekly gain reported by the Energy Information Administration was 44 billion cubic feet and U.S. inventories now sit at 2.758 trillion cubic feet.  What is interesting is that Dow Jones noted that this inventory build is still 2.4% under a 5-year average and more than 6% under year-ago levels.

Right now it feels like trying to find the bottom in selling levels is a bit like catching a falling knife.  It is just not very rewarding.  Maybe a bottom is close and maybe not in these stocks, but one thing is a sure bet: Natural gas dipping back under $4.00/tcf does pose a severe financial risk to the business viability of producing and even transporting natural gas.

Natural gas is not alone in its misery today.  Oil is back under $91.00 per barrel as well.

JON C. OGG

We have updates for AT&T Inc. (NYSE: T), Aetna Inc. (NYSE: AET), AutoZone Inc. (NYSE: AZO), Autodesk, Inc. (NASDAQ: ADSK), Baxter International Inc. (NYSE: BAX), Chubb Corporation (NYSE: CB), ConAgra Foods, Inc. (NYSE: CAG), Encana Corp. (NYSE: ECA), Enzon Pharmaceuticals Inc. (NASDAQ: ENZN), Franklin Resources Inc. (NYSE: BEN), The Home Depot, Inc. (NYSE: HD), Intel Corporation (NASDAQ: INTC), Markel Corp. (NYSE: MKL), Safeway Inc. (NYSE: SWY), Stryker Corp. (NYSE: SYK) and Teva Pharmaceutical Industries Limited (NASDAQ: TEVA), TIBCO Software Inc. (NASDAQ: TIBX), and Trinity Industries Inc. (NYSE: TRN).

The buyback ETF is PowerShares Buyback Achiever Portfolio (NYSE: PKW), and we have highlighted that herein as well.  We also took a look at the continuing situations in General Electric Co. (NYSE: GE) and Cisco Systems Inc. (NASDAQ: CSCO).  For buybacks in 2011, there is already evidence that Bank of America Corp. (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), and J.P. Morgan Chase & Co. (NYSE: JPM) could begin significant buyback programs.

There is a long-standing debate over whether or not stock buybacks are an effective return of cash to shareholders.  It’s a simple theory by lowering the number of outstanding shares to boosts the price of the stock.  That does not always work, but many companies are willing to spend billions upon billions for this effort.  Investors need to know that many new buyback plans are coming.  We wanted to track December’s big buybacks now that we are likely over some $30 billion if you include the many smaller buybacks we either missed or eliminated due to size and the length of this already.

AT&T Inc. (NYSE: T) announced last week that it plans to repurchase as many as 300 million shares.  This would represent some $8.7 billion worth of stock at the time, or about 5% of its shares.  The current market cap is close to $171 billion.

Aetna Inc. (NYSE: AET) approved the repurchase of $750 million of stock, which is actually in addition to roughly $257 million left in prior approvals.  We’ll call it $1 billion for short, and that compares to a market cap of just over $12 billion at the time.

AutoZone Inc. (NYSE: AZO) added some $500 million into its buyback plan.  The company noted, “Since the inception of the repurchase program in 1998, and including the above amount, AutoZone’s Board of Directors has authorized $9.9 billion.”  Its market cap is currently just shy of $12 billion.

The companies which we have updates on are Aetna Inc. (NYSE: AET), Chubb Corporation (NYSE: CB), ConAgra Foods, Inc. (NYSE: CAG), Encana Corp. (NYSE: ECA), The Home Depot, Inc. (NYSE: HD), Intel Corporation (NASDAQ: INTC), Markel Corp. (NYSE: MKL), Safeway Inc. (NYSE: SWY), Stryker Corp. (NYSE: SYK) and Teva Pharmaceutical Industries Limited (NASDAQ: TEVA).

We also took a look at the ongoing example of Cisco Systems Inc. (NASDAQ: CSCO).  For buybacks in 2011, there is already evidence that Bank of America Corp. (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), and J.P. Morgan Chase & Co. (NYSE: JPM) could begin significant buyback programs.

We have two insurance buyback announcements.  Aetna Inc. (NYSE: AET) approved the repurchase of $750 million of stock, which is actually in addition to roughly $257 million left in prior approvals.  We’ll call it $1 billion for short, and that compares to a market cap of just over $12 billion.  Chubb Corporation (NYSE: CB) has now authorized an additional 30 million shares for buybacks, and that appears to be the second buyback expansion in the year.  That is nearly $1.8 billion at current share prices against a market cap of nearly $18 billion.

ConAgra Foods, Inc. (NYSE: CAG) lowered its guidance for  growth in 2011, but it did expand its buyback ambitions by the $554 million received as an early repayment of notes it was owed.  ConAgra’s  plan is now close to $750 million against a market cap of $9.7 billion.

Encana Corp. (NYSE: ECA) announced that it received renewed approval for a Normal Course Issuer Bid from the Toronto Stock Exchange and it may repurchase and cancel up to 36.8 million shares.  That is roughly 5% of its outstanding and issued shares.  Its market cap is close to $21 billion.

The Home Depot, Inc. (NYSE: HD) is targeting some $2.5 billion in share buybacks ahead in 2011 versus a market cap of roughly $56 billion.

Intel Corporation (NASDAQ: INTC) CEO Paul Otellini announced that the company has recently begun repurchasing shares of its common stock after having suspended buybacks for some time.  Intel had roughly $5.7 billion remaining under an existing $25 billion buyback plan.  Intel’s market cap is more than $120 billion.