Blue Ridge Capital Reveals New Passive Stake in PBF Energy Inc (PBF)

John Griffin‘s Blue Ridge Capital has initiated a stake in PBF Energy Inc (NYSE:PBF), a new filing with the SEC showed. Blue Ridge holds a passive stake which contains almost 3.1 million shares of the company. The position amasses over 7.8% of the company’s stock, and has a value of almost $95 million, at the current share price of PBF Energy.


PBF Energy Inc (NYSE:PBF) is an U.S.-based independent oil refinery, and supplier of different fuels, oils and other petroleum products. The company currently operates three refineries and is one of the largest in the industry. The company had a slump in its revenues which declined to $4.9 million in the third quarter, from $5.4 million a year ago. PBF Energy Inc (NYSE:PBF) also reported a net loss of $64.9 million, in comparison to an income of $186.6 million in the same period of 2012.

Through acquiring the stake in PBF Energy Inc (NYSE:PBF), Mr. Griffin joined several other of his peers in the hedge fund world. In the latest round of 13F filings, out of the funds we track, Select Equity Group, led by Robert Joseph Caruso, revealed holding the largest stake in PBF Energy, which contains over 5.4 million shares, worth $122.3 million. Select Equity raised its exposure to the company by around 73% during the third quarter. Carlson Capital, managed by Clint Carlson, disclosed ownership of over 1.0 million shares, worth $23.1 million, among others.

Aside from PBF Energy Inc (NYSE:PBF), So-called “Tiger Cub” John Griffin has also recently initiated a position in Zulily Inc (NASDAQ:ZU), a company that went public in last month. Blue Ridge holds a passive position in the company, which amasses 799,800 shares, equal to 6.1% of the company’s class A stock. Earlier, the fund reported increasing its stake in Avis Budget Group Inc. (NASDAQ:CAR), currently owning 6.6 million shares, versus 4.3 million held at the end of September. Blue Ridge’s stake in Avis Budget Group is equal to 6.2% of the common stock.

Disclosure: none

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