Dr. Hugh Akston
Hedge fund manager, long/short equity, value

Questionable Accounting Masks True Risk For Harvest Natural

Harvest Natural Resources (NYSE:HNR) has the most aggressive and misleading financial accounting that we have seen in our 14 years in the financial markets. The financial accounting is so egregious that it is our understanding that a group has filed a report with the SEC for further investigation.

It is our view that the stock's recent run to $5 is completely unwarranted and the intrinsic value of the company is somewhere between $0-3 per share. In this report we will discuss the accounting issues that have significantly distorted the true value of HNR, the imminent liquidity crunch, and the outrageous analyst upgrade by Wunderlich Securities.

Accounting Issues:

How can a company that generates $0 in revenue and negative...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
FREESA PRO MEMBERS
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details