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PR Newswire
17-08-2015, 09:57 AM
Hedges funds are hunting for bargain now...
Hedge Funds Boost Energy Holdings as Oil Rout Brings Opportunity
Hedge fund managers are betting hundreds of millions of dollars that Cheniere Energy Inc., Pioneer Natural Resources Co. and Williams Cos. will be among the energy companies that survive the worst oil rout in decades.
Seth Klarman of Baupost Group bought 898,063 shares in Texas shale explorer Pioneer during the second quarter while Richard Perry’s firm added 6.26 million shares of Williams, according to regulatory filings.
Energy investors have lost more than $1.3 trillion in shareholder value as the price of oil dropped about 60 percent from its peak last year, according to data compiled by Bloomberg. And now hedge fund managers are on the hunt for bargains, said oil and gas restructuring specialist John Castellano at AlixPartners in Chicago. Many companies are struggling to survive as revenue falls and banks curtail their access to credit.
“Not every oil and gas company is distressed,” Castellano said. “There are good companies out there that have good assets, but because the entire market has come down everyone’s equity has been hit by a reduction in value.”
...
http://www.bloomberg.com/news/articles/2...pportunity
Hedge Funds Boost Energy Holdings as Oil Rout Brings Opportunity
Hedge fund managers are betting hundreds of millions of dollars that Cheniere Energy Inc., Pioneer Natural Resources Co. and Williams Cos. will be among the energy companies that survive the worst oil rout in decades.
Seth Klarman of Baupost Group bought 898,063 shares in Texas shale explorer Pioneer during the second quarter while Richard Perry’s firm added 6.26 million shares of Williams, according to regulatory filings.
Energy investors have lost more than $1.3 trillion in shareholder value as the price of oil dropped about 60 percent from its peak last year, according to data compiled by Bloomberg. And now hedge fund managers are on the hunt for bargains, said oil and gas restructuring specialist John Castellano at AlixPartners in Chicago. Many companies are struggling to survive as revenue falls and banks curtail their access to credit.
“Not every oil and gas company is distressed,” Castellano said. “There are good companies out there that have good assets, but because the entire market has come down everyone’s equity has been hit by a reduction in value.”
...
http://www.bloomberg.com/news/articles/2...pportunity
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