, founder of hedge fund SAC Capital Advisors, purchased 6,379,900
Forest Oil Corporation (
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.
, CEO, portfolio manager and director of Glenview Capital
Management, has increased his stake in
Tenet Healthcare Corporation (
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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