Recent Buy – PJT

pjt

I added to my position in PJT Partners this morning at $27.62. My initial position was obtained via Blackstone’s 40:1 spinoff back on October 1st.  Since then I’ve watched as they’ve grown the business to the point of declaring their first dividend (.05 payable 23 Mar, record date 9 Mar).

PJT Partners is not an MLP despite their name.  They are a consulting group who have been adding clients like crazy.  Recent announcements have included:

  • Windland Energieerzeugungs GmbH / Blackstone (wind farm sale)
  • Kenya Airlines (capital raising)
  • Yahoo (strategic alternatives)
  • Viacom (sale of Paramount Pictures stake)

If this isn’t enough to consider a company with no dividend history and a recent quarterly loss, how about the fact that they also have a client list of distressed energy companies.  They provided advice to Magnum Hunter through their bankruptcy and by all accounts, this should be a growth market this year.

I do consider this purchase speculative (primarily due to lack of history) and as such accounts for less than 1% of my portfolio.

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