Dmitry Balyasny‘s Balyasny Asset Management has boosted its stake in KBR, Inc. (NYSE:KBR), a new filing with the Securities and Exchange Commission showed. The fund reported ownership of 8.07 million shares of the company, the passive stake amassing 5.57% of the outstanding common stock. Previously, in its latest 13F filing, Balyasny disclosed holding 1.10 million shares of KBR.
KBR, Inc. is a $2.2 billion construction and engineering company with operatins in energy, hydrocarbons, minerals, civil infrastructure, industrial, and commercial markets. Its stock slid by over 49% year-to-date, which is much lower than the engineering and construction industry that lost some 14.90% in the same period. Balyasny initiated its stake during the third quarter and since the end of September the stock lost 16%.
Generally, among the funds that we track, KBR, Inc. was included in the equity portfolios of 33 investors at the end of September, flat over the quarter. However, the aggregate value of the holdings has declined by $55 million to $561.17 million. Aside from Balyasny, Joe Huber’s Huber Capital Management disclosed holding 6.23 million shares, up by 17% on the quarter, while Kerr Neilson’s Platinum Asset Management raised its stake in KBR by 50% to 5.86 million shares, among others.
However, even though the stock dropped in the last several months, the company has recently made an announcement that it has done a big strategic review of its operations. KBR, Inc. plans to focus on services and technology related to oil, gas and chemicals businesses, as well as engage in long-term global government contracts.
Balyasny is a fund with an equity portfolio worth over $12 billion that recently has made several other bullish moves in addition to KBR, Inc.. On December 15, the fund disclosed initiating a position in Oasis Petroleum Inc. (NYSE:OAS) that amasses 5.31 million shares, equal to 5.24% of the company. Earlier, in October, Balyasny raised its stake in another oil-related stock, NuStar GP Holdings, LLC (NYSE:NSH) to contains 2.15 million shares, from 25,000 shares held earlier.
