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Tesco Corp (TESO): Balyasny Asset Management Acquires One Million Shares

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Dmitry Balyasny‘s Balyasny Asset Management increased its stake in Tesco Corp (NASDAQ:TESOand currently owns 2.63 million shares, or 5.68% of the company’s outstanding stock, according to a recent 13G filing with the US SEC. In its latest 13F filing, for the end of March, Balyasny Asset Management disclosed holding 1.53 million shares of Tesco Corp (NASDAQ:TESO).

Dmitry Balyasny

Tesco Corporation is a company that offers a variety of professional oilfield services, running in four segments – Research & Engineering, Top Drives, Tubular Services, and Corporate and Other. Year-to-date, the company stock is down by 12.29%. Recently the company represented its financial results for the first quarter of 2016 and has reported a loss per share of $0.46 and revenue of $35.5 million, missing the both the estimates of a loss per share of $0.35 and revenue of $42.9 million.

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Among investors followed by Insider Monkey, seven funds disclosed long positions in Tesco Corp (NASDAQ:TESO) as of the end of March, versus eight funds a quarter earlier. The biggest position is held by Balyasny Asset Management, and the second-largest position was reported by Jeffrey Bronchick’s Cove Street Capital, worth around $9.9 million. Some other investors long the stock were Jim Simons’s Renaissance Technologies, Mark Lee’s Forest Hill Capital, and John Overdeck and David Siegel’s Two Sigma Advisors. On the other hand, Cliff Asness’ AQR Capital Management sold off its entire position in Tesco Corp (NASDAQ:TESO).

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Atlas Master Fund, Ltd 564,956 564,956 564,956 1.22%
Atlas Global 564,956 564,956 564,956 1.22%
Atlas Global Investments, Ltd 564,956 564,956 564,956 1.22%
Atlas Institutional Fund 564,956 564,956 564,956 1.22%
Atlas Institutional Fund, Ltd 564,956 564,956 564,956 1.22%
Atlas Institutional Fund II 564,956 564,956 564,956 1.22%
Atlas Institutional Fund II, Ltd 564,956 564,956 564,956 1.22%
Atlas Global Japan Unit Trust 564,956 564,956 564,956 1.22%
Atlas Enhanced Master Fund, Ltd 2,064,441 2,064,441 2,064,441 4.46%
Atlas Enhanced Fund 2,064,441 2,064,441 2,064,441 4.46%
Atlas Enhanced Fund, Ltd 2,064,441 2,064,441 2,064,441 4.46%
Balyasny Asset Management 2,629,397 2,629,397 2,629,397 5.68%
Dmitry Balyasny 2,629,397 2,629,397 2,629,397 5.68%

Dmitry Balyasny
Dmitry Balyasny
Balyasny Asset Management

Page 1 of 28 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

 

 

TESCO
CORPORATION

(Name of Issuer)

COMMON STOCK

(Title of
Class of Securities)

88157K101

(CUSIP Number)

June 9,
2016

(Date of Event Which Requires Filing of this Statement)

 

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities
Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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