Seeking Alpha

Harvest Natural Resources rallies; insider buys may have sparked optimism

  • Harvest Natural Resources (HNR +16.5%) shares are rallying after a 2-day slide. The cash-strapped company announced after Wednesday's close that it had raised ~$5.4M by selling 1.7M shares.
  • Investors may be taking the fact that 6 insiders bought 246K of the shares as a positive sign for the company's chances of selling its assets. The company received a $400M proposal for its Venezuelan interests 2 weeks ago. With $76.8M in long-term debt as of Sept. 30, the company has an enterprise value of ~$234M.
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