Soroban Capital revealed on October 27th that the firm now has 2.41 million shares in SemGroup Corp. (SEMG), corresponding to a 5.8% stake ownership. Soroban Capital did not have a position in SEMG in the second quarter. Before the market open on October 24th, Plains ALL American disclosed a proposal to acquire SEMG at $24, driving the stock surge of 16% on that day. It’s possible that Soroban Capital made the purchase at the same time. Later SEMG rejected the offer and the stock now is trading at $28.09, representing a 5% year to date return.
In the second quarter nineteen hedge funds had SEMG in their portfolios. Joshua Friedman and Mitchell Julis’ Canyon Capital Advisors had 1.15 million shares; David Einhorn’s Greenlight Capital had 1.08 million shares; Jim Simons’ Renaissance Technologies had 96 thousand shares in the stock.
Soroban Capital Partners is a hedge fund that was founded in 2010 by Eric Mandelblatt, Gaurav Kapadia and Scott Friedman. The company was established in 2010 and incorporated in New York.
SemGroup Corporation engages in gathering, transportation, storage, distribution, blending, marketing, and other midstream services in the energy industry. The company operates in seven segments: SemCrude, SemCanada Crude, SemStream, SemCAMS, SemLogistics and SemMexico. The company owns, contracts, and leases various pipelines, gathering systems, storage facilities, terminals, processing plants, blending facilities, and other distribution assets. The company was founded in 2000 and is based in Tulsa, Oklahoma.