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Guru New Buys Update: Steven Cohen, Larry Robbins
Posted by: Holly LaFon (IP Logged)
Date: September 20, 2012 11:05AM
Steven Cohen, founder of hedge fund SAC Capital Advisors, purchased 6,379,900 shares of Forest Oil Corporation (FST) at an average price of $8.84 per share last week, according to GuruFocus Real Time Picks. This represents a 54999.14% increase from the 11,600 shares of the company he owned previously, after shrinking his position for three consecutive quarters.
Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America. Forest Oil Corporation has a market cap of $961.1 million; its shares were traded at around $8.34 with a P/E ratio of 15.3 and P/S ratio of 1.4.
Forest Oil stock has declined 39% year to date, as the company reported steeper year-over-year net losses in the first quarter. Net losses for the quarter first quarter were $33 million or $0.29 per diluted share, down from $10 million or $0.09 per diluted share the prior year. The results were due to a non-cash effect of net unrealized gains on derivative instruments, a non-recurring effect of accrued legal proceeding liabilities, and a non-cash effect of a ceiling test write-down of natural gas properties in Italy.
The company also experienced a plant outage in Oklahoma that contributed to a 1% decrease in net sales volumes in the quarter.
Earnings continued to deteriorate in the second quarter. The company’s net loss was $511 million or $4.44 per diluted share, compared to net earnings from continuing operations of $29 million or $0.26 per diluted share the prior year. The results were affected by a ceiling test write down, an increase in the valuation allowance on deferred tax assets, potential contractual severance costs and accelerated stock-based compensation costs and the income tax of non-deductible stock-based compensation.
Larry Robbins, CEO, portfolio manager and director of Glenview Capital Management, has increased his stake in Tenet Healthcare Corporation (THC) by 5.68% at $5.75 per share on September 17, making him a 10% owner of the company, according to GuruFocus Real Time Picks. This purchase is after increasing his stake 27.92% on September 14. He now owns 55,823,831 shares.
Robbins initiated his position in Tenet Healthcare in the first quarter of 2012 by buying 25,405,900 shares at an average price of $5. He then added 15,887,188 shares at an average price of $5 in the second quarter of 2012.
Tenet Healthcare Corp. is an investor-owned health care services company. Tenet Healthcare Corporation has a market cap of $2.25 billion; its shares were traded at around $6.125 with a P/E ratio of 14.6 and P/S ratio of 0.2. Tenet Healthcare Corporation had an annual average earnings growth of 12.1% over the past five years.
Tenet Healthcare’s stock has increased almost 20% year to date, with a marked run-up this month, near the time that it announced a $67 million expansion of its Sierra Providence East Medical Center in El Paso, Texas. The facility was opened in 2008, and construction on the new expansion will begin in December 2012 and is expected to be completed by year-end 2014.
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Guru Discussed: Steven Cohen: Current Portfolio, Stock Picks
Larry Robbins: Current Portfolio, Stock Picks
Stocks Discussed: FST, THC,
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