Correction: A previous version of this article stated in the headline that Baupost Group reduced its stake in PBF Energy.
Billionaire Seth Klarman‘s Baupost Group recently filed a Form 13G with the US Securities and Exchange Commission, in which reported holding 15.72 million common shares of Pbf Energy Inc. (NYSE:PBF), which account for 16.07% of the outstanding stock. Previously, the fund held 10.64 million Class A Common shares, according to its last 13F filing (for the end of June).
PBF Energy is a company that refines petroleum and supplies transportation fuels, lubricants, heating oil, petrochemical feedstock and similar petroleum-related products. Over the past 12 months, the company’s stock has lost 24.84%. For the second quarter of 2016, PBF Energy disclosed EPS of $0.14 and revenue of $3.89 billion, compared to EPS of $0.88 and revenue of $3.55 billion for the corresponding quarter in 2015. Earlier this month, Goldman Sachs Group Inc. downgraded its rating on Pbf Energy’s stock to ‘Sell’ from ‘Neutral’ and also lowered its price target to $19 from $23, while Credit Suisse Group AG Reiterated its ‘Outperform’ rating.
The number of hedge funds from our database long Pbf Energy (NYSE:PBF) decreased by 11 recently, and at the end of June, there were 24 investors bullish on this stock. Among them were Jim Simons’ Renaissance Technologies with a position valued at $18.63 million, Wayne Cooperman’s Cobalt Capital Management, which held a position worth around $7.41 million, George Hall’s Clinton Group, Till Bechtolsheimer’s Arosa Capital Management, and Ray Carroll’s Breton Hill Capital.
Some of the investors who dumped Pbf Energy (NYSE:PBF) during the quarter encompassed Vince Maddi And Shawn Brennan’s SIR Capital Management, which dumped a position valued at the end of March at $6.19 million, Neil Chriss’ Hutchin Hill Capital, which said goodbye to $1.41 million worth of shares, Mike Vranos ‘ Ellington, Patrick Hughes And Loren Katzovitz’ Deimos Asset Management, and Gavin Saitowitz And Cisco J. Del Valle’s Springbok Capital.
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|
|The Baupost Group||0||15,724,175||0||15,724,175||15,724,175||16.07%|
|Seth A. Klarman||0||15,724,175||0||15,724,175||15,724,175||16.07%|
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