Dmitry Balyasny Boosts Stake as KBR Announces Strategic Review Results

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.

Dmitry Balyasny

KBR, Inc. (NYSE:KBR) 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. (NYSE:KBR) 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. (NYSE:KBR) 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. (NYSE:KBR). 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.

Disclosure: none