Shares of Houston Exploration(THX Quote) jumped Monday after the hedge fund Jana Partners urged the company to undertake a big buyback and to explore the sale of the company. Jana, a $5 billion activist hedge fund, owns about 9% of the gas and oil company.
Recently, Houston Exploration's stock was up $2.96, or 5.6%, to $55.92. The level is similar to where the shares traded a year ago.
In a letter sent to the board, Barry Rosenstein, Jana's founder, expressed doubt about management's ability to deliver value to its shareholders. He noted that the stock price is up less than 1% since the start of 2005. In comparison, competitors St. Mary Land and Exploration(SM Quote), KCS Energy(KCS Quote), Forest Oil(FST Quote) and Newfield Exploration(NFX Quote) have seen their shares rise 108%, 94%, 82% and 48%, respectively, during the same period. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,381.27 | 1,102.71 | 2,195.71 | 35.23 |
Oil *
73.69
|
|
DOWN
59.85
|
DOWN
6.47
|
DOWN
11.20
|
DOWN
0.73
|
10 Yr
3.52%
SPDR Gold
109.89
|
|
-0.57%
|
-0.58%
|
-0.51%
|
-2.03%
|
Data delayed 20 minutes |
Connect with TheStreet