Lone Pine Capital LLC bought more than 25 million shares of El Paso Corp. in the first quarter, making the hedge fund one of the energy firm’s biggest owners.
Lone Pine, run by Stephen F. Mandel Jr., more than quadrupled its stake in Houston-based El Paso, according to a regulatory filing today. The Greenwich, Connecticut-based hedge fund is now El Paso’s second-biggest shareholder after Vanguard Group Inc., according to data compiled by Bloomberg. Icahn Associates Corp., previously the biggest shareholder, sold its entire stake, according to a subsequent filing.
The hedge fund also more than doubled its holding in Green Mountain Coffee Roasters Inc., the Waterbury, Vermont-based company that ousted Robert P. Stiller as chairman after he sold shares to meet a margin call.