has reported acquiring 5.2% each of two companies mid-quarter for
his $16.5 billion funds at Lone Pine Capital: SemGroup Corp. (
) and Informatica Corporation (
GuruFocus Real Time Picks reports
The two purchases show Lone Pine continuing its recent interest
in acquiring substantial ownership of large companies, such as
7% purchase of Dunkin Donuts
) in September and
quadrupling of its Kinder Morgan
) stake to 9.1% of the company in October.
The former Julian Robertson prot�g�e took
out a 5.2% stake in his largest new holding
SemGroup Corp. (
on Oct. 24, buying more than 2.1 million shares for a total cost
of $82.6 million at $38 per share on average.
SemGroup, an energy pipeline company based in Tulsa, Okla., that
services clients in crude oil, natural gas and other industries,
went public in November 2010 and its stock has since gained 55%.
In its second quarter ended June 30, the company reported
increasing demand for its midstream storage, transportation and
processing services due to growing North American production. To
meet demand, it is expanding its ownership of Glass Mountain
Pipeline LLC by acquiring a 25% share from Chesapeak Energy (
), bringing its total ownership to 50%. The pipeline will have an
initial capacity of approximately 140,000 barrels per day and
immediate storage 440,000 barrels.
In addition, in May, it announced that it would construct a new
crude oil gathering system in Colorado called the Wattenberg Oil
Trunkline, a project with 200,000 barrels of operation storage
extending to the White Cliffs Pipeline, to be complete in the
third quarter of 2013.
SemGroup's revenue in the second quarter came to $334.2 million,
increased from $317.7 million the prior-year quarter. Earnings
before interest, taxes, depreciation and amortization (EBITDA)
were $30 million, up from $28.9 million in the prior-year
The improvements in results were primarily due to higher volumes
in its White Cliffs Pipeline, a storage expansion and major plant
turnaround, offset by natural gas prices and decreased use of one
of its facilities.
SemGroup has a P/E ratio of 87.1, P/B ratio of 1.6 and P/S ratio
Mandel on Oct. 26 took a 5.2% stake in
Informatica Corporation (
. At a closing price near $27.50 that day, his more than 5.6
million shares cost approximately $155 million in total. The
stock was a former holding of Mandel's at a smaller size and
Informatica is the world's leading independent provider of data
integration software, which includes cloud and social media. Its
stock experienced a 42% decline over the past year, including a
plunge of almost $13 in July when it issued guidance below
Mandel's recent purchase came the day after the company issued
third quarter results on Oct. 25. Informatica had total revenues
of $190.3 million for the quarter, 1% below $195.9 million for
the year-ago quarter. GAAP net income was $15.5 million, down
from $27 million for the year-ago quarter, and GAAP net income
per diluted share was $0.14, lower than $0.24 for the year-ago
The results reflected increased demand for the company's products
in the U.S. and Asia Pacific, while performance lagged in Europe.
Overall international revenues slipped 3% over the prior-year
quarter and comprised 33% of Informatica's total revenues.
Along with its $26.82 current stock price being close to a
two-year low, Informatica's P/E at 25.7, P/B at 2.74 and P/S at
3.8 are each near their three-year lows.
INFA data by GuruFocus.com
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