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Stock Market & Financial Investment News

News Breaks
May 4, 2009
05:55 EDTPXP, PXPSoros Fund Management bought 6.5M Plains Exploration shares, Barron's reports
Plains Exploration & Production (PXP) has a new investor in billionaire George Soros. On May 4 Soros's fund, Soros Fund Management, disclosed it now owns 6,467,400 million shares, or a 5.4% stake in Plains Exploration. Soros' hedge fund did not show any stock holdings as of Dec. 31, 2008, meaning the shares were purchased at some point in the last four months. Soros Fund Management has registered as a passive investor in the company. Soros's investment comes as the shares hover not far above their March 6 five-year low of $15.25. Lon Juricic, president of StreetInsider.com, sees Soros' investment as a bet on an eventual recovery in the 2009-2010 winter heating season, given the stock's current doldrums. Analysts seem to agree with Soros' decision. Those surveyed by Thomson Reuters rated Plains Exploration at Buy or the equivalent, with a 12-month target of $36.20. Reference Link
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