Illuminati Investments • 17 Comments
Oct. 9, 2015, 1:22 PM
Aug. 28, 2015, 1:23 PM
- HC2 (NYSEMKT:HCHC) offers more value today than just after Phil Falcone took control of what was then a liquidating entity named PTGI Holding, writes Brad Kern.
- The stock then (March 2014) traded for $3.70 and subsequently ran up to as high as $13 a year later. Since, the stock lost about 50% of its value, in part thanks to a failed bid for MCG Capital, and worries Harbinger Group (NYSE:HRG) would seek to unload the rest of its 4.7M share stake (HRG sold more than 1M shares as the stock price cratered over the past weeks).
- By Kern's SOTP analysis, HC2 has a mid-range NAV of $10.33 vs. last night's close of $6.33. The shares are higher today by 11.1% to $7.03.
Nov. 25, 2014, 4:24 PM
- Leucadia National (NYSE:LUK) has added another 5M shares to its holdings of Harbinger Group (NYSE:HRG), bringing its stake in the firm up to 22%, reports Bloomberg.
- Previously: Phil Falcone to leave Harbinger Group
- Harbinger closed higher by 3.6% in the regular session following news of Falcone's exit. HC2 Holdings (OTCQB:HCHC), where Falcone will apparently be able to concentrate more of his considerable deal-making skills, closed higher by 6.8%, and is now more than a double in the less-than-three months since SA Pro's Whopper Investments brought the barely-followed name to the attention of investors.
Oct. 7, 2014, 8:38 AM
- Exco Resources (NYSE:XCO) +10.6% premarket after saying it sold its 25% interest in Compass Production Partners to an affiliate of Harbinger Group (NYSE:HRG) for $118.75M.
- XCO says the sale will help improve its balance sheet and simplify its corporate structure, and it plans to use the proceeds to reduce the revolving commitment under its credit agreement.
- RBC lowers its XCO price target to $3 from $4 after the sale of the remaining conventional east Texas/north Louisiana and Permian assets, reducing its 2015-16 cash flow per share estimates by 11%-12% and NAV by 7% to reflect impacts of the transaction (Briefing.com).
Jun. 23, 2014, 11:47 AM
- Harbinger Group (HRG +1%), Phil Falcone's holding company, offers to buy retailer Central Garden & Pet (CENT +8.9%) in a ~$1.1B deal that includes the assumption of debt, or - as an alternative to acquiring the entire company - purchase CENT's pet business for $750M.
- CENT operates two segments: Its lawn-and-garden business offers grass seed, weed killer and flower pots, while its pet-supply unit sells dog bones, horse vitamins and aquariums.
- HRG says it has tried unsuccessfully to engage CENT in closed-door talks, and that it decided to make its offer public in light of the lack of response.
Jan. 23, 2013, 11:29 AM
Harbinger Group (HRG +2.8%) moves up after Jefferies intiated coverage on the shares with a Buy rating and a $9.50 price target. Jefferies says the stock is trading at a discount to its current NAV and has solid cash flow from all its core segments; consumer, insurance and energy. These are all sectors that are highly leveraged to economic growth.| Jan. 23, 2013, 11:29 AM
Dec. 13, 2012, 12:45 PM
Dec. 13, 2012, 9:37 AM
Harbinger Group (HRG -24.5%) prices its 20M share secondary offering at $7.50/share (yesterday's close was $10.22 - ouch). Buying opportunity? Reported book value at the end of September was north of $10/share. (PR)| Dec. 13, 2012, 9:37 AM
Dec. 13, 2012, 9:22 AM
Harbinger Group (HRG) dives 25% premarket as the holding company for several of Phil Falcone's investments files for a secondary offering of stock. (PR)| Dec. 13, 2012, 9:22 AM
Dec. 13, 2012, 9:10 AM
Dec. 12, 2012, 5:37 PM
Nov. 5, 2012, 3:49 PM
Exco Resources' (XCO +2.4%) partnership deal with Harbinger (HRG +4%) gives XCO temporary relief under the company’s debt covenants, but sets an "upper bound” for XCO's valuation, Jefferies says. The fields with which XCO is parting tend to produce more oil and gas liquids and have longer productive lives than the rest of its wells, "supporting our view that shares are overvalued."| Nov. 5, 2012, 3:49 PM
Nov. 5, 2012, 10:47 AM
Exco Resources (XCO +3.8%) announces a partnership with Philip Falcone's Harbinger Group (HRG +2.7%) where XCO will contribute its conventional non-shale assets in east Texas and Louisiana and its shallow Canyon Sand and other assets in west Texas to a limited partnership. EXCO will $597M in cash, a 24.5% limited partner interest and a 50% interest in the general partner.| Nov. 5, 2012, 10:47 AM