Dmitry Balyasny, the founder and manager of Balyasny Asset Management, is very bullish on Boardwalk Pipeline Partners, LP (NYSE:BWP). In a recent filing with the Securities and Exchange Commission, Balyasny Asset Management has revealed a massive increase in its stake from 167,500 to 13.80 million shares, a position which accounts for approximately 5.7% of the company’s common stock.
Jim Simmons is also a huge fan of Boardwalk Pipeline Partners, LP (NYSE:BWP), having increased his fund’s stake by more than 6,000% during the 2013 fourth quarter. In its latest 13F filing, Renaissance Technologies reported ownership of 453,000 shares valued at $11.5 million. Jean-Marie Eveillard has boosted his fund’s stake by 200% during the same period, taking it to 300,000 shares reportedly worth $7,65 million.
Boardwalk Pipeline Partners, LP (NYSE:BWP) offers transportation and processing services for the natural gas industry. The company has a market cap of $3.8 billion and pays an annual dividend of $1.7 per share, which translates into a yield of 12.10%. So far in 2014, the stock has plummeted 44% to a current price of $14.21 per share. The stock is traded at a trailing Price to Earnings (P/E) ratio of 15.xx, which is significantly lower than the industry average of 41.00.
For the three months ending December 31, 2013, Boardwalk Pipeline Partners announced revenues of $312 million and earnings per share of $0.3. Analysts expect the company to register $302 million in revenues and EPS of $0.3 for the first quarter of 2014. Most brokers expect the stock to underperform.
Balyasny is also bullish on Newfield Exploration Co. (NYSE:NFX), having increased his fund’s holding of the stock by 131% during the fourth quarter of 2013. As a result, Balyasny Asset Management currently holds 4.84 million shares valued at $119 million. Balyasny is also betting big on Apple Inc. (NASDAQ:AAPL) and has taken his fund’s position to approximately 165,500 shares reportedly worth $92.8 million.