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James Li
James Li
Articles (535)  | Author's Website |

Seth Klarman Axes PBF Energy Stake

Baupost Group manager closes position in New Jersey-based petroleum refiner

June 12, 2018 | About:

Baupost Group manager Seth Klarman (Trades, Portfolio) disclosed on June 8 that he closed his position in PBF Energy Inc. (NYSE:PBF) on May 31 according to GuruFocus real-time picks.

Klarman sold 7,924,175 shares for $47.65. The fund manager gained approximately 58% on the stock based on GuruFocus estimates. With this transaction, Klarman trimmed 2.61% of his portfolio.

Company background

PBF Energy refines and markets various petroleum products, including unbranded transportation fuels, heating oil, petrochemical feedstocks and lubricants. The New Jersey-based company operates five refineries in the U.S. and sells its products primarily in North America.

GuruFocus ranks PBF Energy’s profitability a modest 5 out of 10 as the company’s operating margin and return on assets underperform over 52% of global competitors. The company’s warning signs include declining revenues over the past five years, a dividend yield near a five-year low and a price-sales ratio near a two-year high.

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PBF data by GuruFocus.com

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See also

Klarman dedicated 25.2% of his portfolio to the energy sector as of March 31. His top energy holdings include Pioneer Natural Resources Co. (NYSE:PXD), Antero Resources Corp. (NYSE:AR) and Cheniere Energy Inc. (LNG).

Disclosure: no positions

About the author:

James Li
I am an editorial assistant and researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!

Visit James Li's Website


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