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PBF Energy Inc (PBF) Surges On Exxon (XOM) Refinery Deal: Is It A Good Buy Now?

Insider Monkey’s hedge fund database indicated that by the end of Q1, the largest position in PBF Energy Inc (NYSE:PBF) was held by Seth Klarman‘s Baupost Group. Baupost Group hold 8.6 million PBF Energy Inc (NYSE:PBF) shares which is worth $293.9 million and accounts for 4.9% of Baupost Group’s 13F portfolio. The second-largest holding in PBF Energy Inc (NYSE:PBF) was held by Robert Joseph Caruso’s Select Equity Group. Select Equity Group holds 4.7 million shares valued at $159.3 million and accounts for 1.4% of Select Equity Group’s 13F portfolio. Other hedge fund names with large holdings in the stock includes D E Shaw, John Griffin‘s Blue Ridge Capital and Terence Hogan’s Addison Clark Management.

With increasing interest from hedge funds on this stock it is quite obvious to assume that some hedge funds might have initiated new positions in the stock. Renaissance Technologies, managed by Jim Simons, initiated the largest position in PBF Energy Inc (NYSE:PBF) in the first quarter. Renaissance Technologies invested $19.1 million in the first quarter in the stock, buying 563,600 shares. The next largest investment was made by Jorge Paulo Lemann’s 3G Capital, which invested $13.6 million in the stock during the quarter, buying 400,000 shares. Other hedge funds which initiated new positions include Anand Parekh’s Alyeska Investment Group, Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management, and Lee Munder’s Lee Munder Capital Group.

Overall, we like the positive hedge fund sentiment but we like Seth Klarman’s vote of confidence even more. Historically Seth Klarman’s small and micro-cap picks outperformed the market by a large margin. That’s why we believe PBF Energy Inc is a good long candidate.

Seth Klarman
Seth Klarman
Baupost Group

Disclosure: None

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