Farallon Capital Discloses Stake in Sky Solar Holdings Ltd (ADR) (SKYS); See Fund’s Other Top New Picks

Baker Hughes Incorporated (NYSE:BHI) is the second largest newly initiated stake in Farallon’s portfolio with 3.56 million shares valued at $199.33 million after Cubist Pharmaceuticals. The stake represents 2.72% of the fund’s equity portfolio. Baker Hughes Incorporated (NYSE:BHI) is also en route to its merger with Halliburton Company (NYSE:HAL) for $34.6 billion. The deal is expected to be completed in the second half of this year. Jeff Ubben’s ValueAct Capital recently disclosed  a new position in the supplier of oilfield services worth about 21.95 million shares representing 5.1% of Baker Hughes’ outstanding common stock. The company is trading at the same level as at the end of March last year.

Baker Hughes Incorporated (NYSE:BHI)’s Earnings per Share estimates and price target have been cut by Oppenheimer recently owing to the prevalent decline in oil prices, but the company still has an ‘Outperform’ rating. The analyst has reduced the EPS estimate to $1.75 from $2.5 while for 2016 it has been cut to $2.6 from $3.4. Oppenheimer also slahsed the price target to $58 from $60.

Farallon Capital acquired some 1.97 million shares of KLX Inc (NASDAQ:KLXI) valued at $81.26 million during the fourth quarter. According to a filing in January this year, the stake was increased to 3.68 million shares. KLX Inc (NASDAQ:KLXI) is down by some 21% after its IPO in December last year, as the company was spun off from B/E Aerospace Inc (NASDAQ:BEAV). Farallon had also initiated a stake in the parent company during the fourth quarter as it added about 1.33 millon shares valued at $77.07 million to its equity portfolio. B/E Aerospace Inc (NASDAQ:BEAV), a $6.59 billion company, is a manufacturer of cabin interior products for commercial aircraft and business jets and the aftermarket distributor and value added service provider of aerospace fasteners. Keith Meister’s Corvex Capital and James Dinan’s York Capital Management also hold shares of B/E Aerospace Inc (NASDAQ:BEAV) in their equity portfolios, having disclosed stakes of 6.86 million shares valued at $398.13 million and 2.75 million shares valued at $159.75 million respectively in their latest 13F filings.

Disclosure: none