Billionaire Seth Klarman’s Top Energy Stocks

During the second quarter Baupost increased its Pioneer Natural Resources (NYSE:PXD) holding by 28% to 4.07 million shares valued at $563.78 million, representing 9.4% of its portfolio. The $19.05 billion oil and gas exploration and production company’s stock is down by more than 14% for the year, even though it beat the bottom line estimates in its financial results for the second quarter. Revenues, however, came in lighter than expected. Despite a downturn in energy commodity prices, Pioneer Natural Resources (NYSE:PXD) expects to increase its crude production, maintaining the 10%-plus production growth it had previously forecast for 2015. The company plans to add an average of two rigs a month in Spraberry/Wolfcamp, bringing about 100 new wells into production in the second half of the year. SPO Advisory Corp, which is led by John H. Scully, is the largest stockholder of Pioneer Natural Resources (NYSE:PXD) within our database, holding about 7.35 million shares valued at $1.02 billion at the end of June.

After a 28% hike during the June quarter, Baupost’s PBF Energy Inc (NYSE:PBF) holding was comprised of 11.03 million shares valued at $313.33 million. The stake amassed more than 13% of the company’s outstanding shares. So far this year, PBF Energy Inc (NYSE:PBF)’s stock has appreciated by more than 31%, compared to 18.33% average gains for the oil & gas refining & marketing industry during the same period. In June the company revealed that it will buy the 189,000-barrel-per-day Chalmette oil refinery in Louisiana for $322 million, increasing its total capacity to more than 725,000 barrels per day. Although PBF Energy Inc (NYSE:PBF) missed the bottom line estimates for its second quarter financial results, it beat the expectations for the top line. During the second quarter Robert Joseph Caruso’s Select Equity Group, a prominent shareholder of PBF Energy Inc (NYSE:PBF), decreased its holding by 2% to 4.56 million shares valued at $129.62 million.

Disclosure: None