If there was a theme to Kyle Bass (Trades, Portfolio)' investment activity in the second quarter, the founder of Dallas-based Hayman Capital Management L.P., displayed an interest in fuel and pharmaceutical stocks. Not all of Bass' transactions fit neatly into that category, of course, but many did, including most of the largest ones.
Bass bought 11 new stakes in the second quarter. He bought 836,593 shares of Perrigo Co. PLC (PRGO), an Irish manufacturer of over-the-counter drugs and the most valuable stake in Bass' portfolio, for an average price of $190.23 per share. The acquisition had an 18.25% impact on his portfolio.
Perrigo has a market cap of $26.03 billion and an enterprise value of $30.54 billion. It has a P/E of 189.0, a Price/Book of 2.5 and a Price/Sales of 5.4. Vanguard Health Care Fund (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Eric Mindich (Trades, Portfolio), David Rolfe (Trades, Portfolio), Jim Simons (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Steve Mandel (Trades, Portfolio), Richard Perry (Trades, Portfolio), Ken Fisher (Trades, Portfolio), George Soros (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), John Keeley (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Robert Bruce (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Perrigo in their portfolios.
Bass acquired a 780,251-share stake in Mylan NV (MYL), a pharmaceuticals company based in the Netherlands, for an average price of $70.49 per share. The transaction had a 6.25% impact on his portfolio.
Mylan, which is now the second-most valuable stake in Bass' portfolio, has a market cap of $24.14 billion and an enterprise value of $32.19 billion. It has a P/E of 22.8, a Price/Book of 2.6 and a Price/Sales of 2.6. John Paulson (Trades, Portfolio), Vanguard Health Care Fund (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Eric Mindich (Trades, Portfolio), Steven Cohen (Trades, Portfolio), David Tepper (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Scott Black (Trades, Portfolio), John Keeley (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Tom Russo (Trades, Portfolio) have shares of Mylan in their portfolios.
In recent months, Mylan has been attempting to take over Perrigo. Perrigo's board of directors has opposed the $36 billion deal. Mylan shareholders are set to vote on the bid Tuesday.
Bass' largest buy by volume was his purchase of a 1,313,428-share stake in C&J Energy Services Ltd. (CJES), a Marshall, Texas-based provider of services to the oil and gas industry, for an average price of $14.75 per share. The acquisition had a 2.05% impact on Bass' portfolio.
C&J Energy Services has a market cap of $392.58 million and an enterprise value of $732.44 million. It has a P/E of 2.7, a Price/Book of 0.2 and a Price/Sales of 0.1. David Nierenberg (Trades, Portfolio), Jim Simons (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Ron Baron (Trades, Portfolio) have shares of C&J Energy Services in their portfolios.
The other new stakes in Bass' portfolio are Valeant Pharmaceuticals International Inc. (VRX), Pfizer Inc. (PFE), Merck & Co Inc. (MRK), Endo International PLC (ENDP), Biomarin Pharmaceutical Inc. (BMRN), Regeneron Pharmaceuticals Inc. (REGN), Eli Lilly and Co. (LLY) and Vertex Pharmaceuticals Inc. (VRTX).
Bass added to two dozen existing stakes in his portfolio. After purchasing a 54,453-share stake in Oasis Petroleum Inc. (OAS) in the first quarter, Bass bought 1,123,879 more shares in the second quarter for an average price of $16.84 per share. The buy had a 2.1% impact on Bass' portfolio.
Oasis Petroleum, a Houston-based oil and gas company, has a market cap of $1.14 billion and an enterprise value of $3.49 billion. It has a P/E of 3.4, a Price/Book of 0.5 and a Price/Sales of 0.8. John Paulson (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Paul Singer (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Oasis in their portfolios.
Similarly, Bass added 527,841 shares to his stake in Whiting Petroleum Corp. (WLL), a Denver-based oil and gas exploration and production company. Bass bought a 25,117-share stake in Whiting in the first quarter. Bass paid an average price of $34.71 per share for the shares he bought in the second quarter. The deal had a 2.09% impact on his portfolio and made Whiting the fourth-most valuable stake in that portfolio.
Whiting Petroleum has a market cap of $3.05 billion and an enterprise value of $8.25 billion. It has a Price/Book of 0.4 and a Price/Sales of 0.8. John Paulson (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Paul Singer (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jim Simons (Trades, Portfolio), Richard Snow (Trades, Portfolio), Ron Baron (Trades, Portfolio) and T Boone Pickens (Trades, Portfolio) have shares of Whiting Petroleum in their portfolios.
Bass added 480,876 shares to his existing stake in Newfield Exploration Co. (NFX), a Houston-based oil and gas exploration and production company, for an average price of $37.17 per share. The transaction had a 2.05% impact on Bass' portfolio.
Newfield has a market cap of $4.4 billion and an enterprise value of $6.81 billion. It has a Price/Book of 1.4 and a Price/Sales of 2.0. George Soros (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Ron Baron (Trades, Portfolio), John Burbank (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Newfield in their portfolios.
Bass purchased 364,609 shares of SM Energy Co. (SM), oil and gas exploration and production company based in Denver, for an average price of $52.75 per share. The deal had a 1.98% impact on Bass' portfolio.
SM Energy has a market cap of $2 billion and an enterprise value of $4.48 billion. It has a P/E of 4.7, a Price/Book of 0.9 and a Price/Sales of 0.9. Sarah Ketterer (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), First Pacific Advisers, Paul Singer (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), FPA Capital Fund (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of SM Energy in their portfolios.
Other stakes to which Bass added in the second quarter were PDC Energy Inc. (PDCE), Diamondback Energy Inc. (FANG), Matador Resources Co. (MTDR), Bonanza Creek Energy Inc. (BCEI), RPC Inc. (RES), Concho Resources Inc. (CXO), Sanchez Energy Corp. (SN), Carrizo Oil & Gas Inc. (CRZO), EOG Resources Inc. (EOG), Penn Virginia Corp. (PVA), Continental Resources Inc. (CLR), Anadarko Petroleum Corp. (APC), Patterson-UTI Energy Inc. (PTEN), Pioneer Natural Resources Co. (PXD), Superior Energy Services Inc. (SPN), U.S. Silica Holdings Inc. (SLCA), Nabors Industries Ltd. (NBR), Halliburton Co. (HAL) and Helmerich & Payne Inc. (HP).
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