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Soros Follows Pabrai By Upping Stake In Harvest Natural Resources

February 07, 2011 | About:

Billionaire investor George Soros recently revealed that he has upped his stake in Harvest Natural Resources (NYSE:HNR). In a 13G filing on January 24, 2011, Soros Fund Management disclosed a 5.94% ownership stake in HNR with 2,008,417 shares.

Harvest Natural Resources, Inc. is a small cap oil and gas exploration and development company with a market cap of just over $400 million. Soros has massively upped his stake in the energy company by over 241% from September 30, 2010. This implies that Soros purchased the shares for between $10.42-$14. Currently, the shares trade at $11.85.

Soros appears to be following in the footsteps of legendary value investor Mohnish Pabrai who is a large holder of HNR with 3,773,100 shares as of 09/30/2010. HNR is one of the largest positions for Pabrai (13.4% of portfolio) and he has held the position for years with conviction. It should be noted that Pabrai reduced to his holdings in Harvest Natural Resources Inc. by 16.02% in November 2010.

HNR has operations in some volatile regions of the world including Venezuela and China. However the company also owns interests in exploration acreage in the Gulf Coast Region of the United States, Antelope prospect in the western United States, and exploration acreage mainly onshore West Sulawesi in the Republic of Indonesia, offshore of the Republic of Gabon, and onshore in Oman.


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