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.
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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% |
| SAK Corporation04-3334541 | 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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Page 1 of 5 – SEC Filing
STATES
SECURITIES AND EXCHANGE COMMISSION
D.C. 20549
13G
the Securities Exchange Act of 1934
(Amendment No.
02)*
of Issuer)
(Title of Class of Securities)
(CUSIP Number)
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
x
Rule
13d-1(b)
o
Rule
13d-1(c)
o
Rule
13d-1(d)
The remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
information required in the remainder of this cover page shall not be deemed to
be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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Page 2 of 5 – SEC Filing
| CUSIP No. | 69318G106 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| The Baupost Group, L.L.C. 04-3402144 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The Commonwealth of Massachusetts | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 15,724,175 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 15,724,175 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 15,724,175 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 16.07% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IA | |||||
FOOTNOTES | |||||
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Page 3 of 5 – SEC Filing
| CUSIP No. | 69318G106 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| SAK Corporation 04-3334541 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The Commonwealth of Massachusetts | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 15,724,175 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 15,724,175 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 15,724,175 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 16.07% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| HC | |||||
FOOTNOTES | |||||
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Page 4 of 5 – SEC Filing
| CUSIP No. | 69318G106 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| Seth A. Klarman | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The United States of America | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 15,724,175 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 15,724,175 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 15,724,175 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 16.07% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| HC | |||||
FOOTNOTES | |||||
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Page 5 of 5 – SEC Filing
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
| The Baupost Group, L.L.C. | |||
| Date: September 09, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
Title: Chief Executive Officer and President | |||
| SAK Corporation | |||
| Date: September 09, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
Title: President | |||
| Seth A. Klarman | |||
| Date: September 09, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
| Footnotes: | Item 3, Item 4 and Item 7 This statement on Schedule 13G is being jointly filed by The Baupost Group, L.L.C. (“Baupost”), SAK Corporation and Seth A. Klarman. Baupost is a registered investment adviser and acts as an investment adviser and general partner to various private investment limited partnerships. Securities reported on this statement on Schedule 13G as being beneficially owned by Baupost were purchased on behalf of certain of such partnerships. SAK Corporation, as the Manager of Baupost, and Mr. Klarman, as the sole shareholder of SAK Corporation and a controlling person of Baupost, may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended, of the securities beneficially owned by Baupost. Pursuant to Rule 13d-4, Seth A. Klarman and SAK Corporation declare that the filing of this statement on Schedule 13G shall not be deemed an admission by either or both of them that they are, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this statement on Schedule 13G. |
| Attention: | Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) |
