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John H. Scully Adds More Shares of This Energy Stock

John H. Scully, the manager of SPO Advisory Corp is bullish on Resolute Energy Corp (NYSE:REN) and has boosted his investment in the company. According to a recent filing with the Securities and Exchange Commission, Scully and SPO Advisory have added 97,100 shares to their stake, taking it to approximately 17.2 million shares, which gives them control over 22.1% of Resolute Energy Corp (NYSE:REN)’s common stock. They also held approximately 8.5 million warrants to buy shares at a price of $13.00 apiece, but have chosen not to exercise them before the expiry date on September 25, 2014.

John Scully - SPO Advisory Corp

Edward Gilhuly and Scott Stuart are also keeping an eye on Resolute Energy Corp (NYSE:REN), with their fund, Sageview Capital, holding  a significant position in this stock: 5.07 million shares worth roughly $43.8 million according to the fund’s latest 13F filing. Ed Beddow and William Tichy, the managers of Beddow Capital Management, believe the stock is poised to change trend and go higher, and have boosted their investment by 11% during the second quarter of 2014. Beddow Capital now holds 1.56 million shares valued at $13.5 million. GRT Capital Partners, run by Gregory Fraser, Rudolph Kluiber and Timothy Krochuk, has reported a 9% increase in its stake in Resolute Energy Corp (NYSE:REN) for the end of June, 2014. The fund owns 1.31 million shares worth $11.3 million.

An independent oil and gas company, Resolute Energy Corp (NYSE:REN) has seed its stock tumble from the all-time high of $18.55 to a low of $6.45 in March 2014. Since then the price has been going nowhere and shares are currently traded at $6.92 apiece, giving the company a market cap of $540 million. Financial-wise, the company has also been doing rather poorly. For the three months ending June 30, 2014, Resolute Energy Corp (NYSE:REN) posted revenues of $88.4 million, down approximately 1% from the second quarter of 2013. The company also went from earnings per share of $0.14 for Q2 of 2013 to a loss of $0.22 for same period of this year. For the current quarter, analysts expect Resolute Energy Corp (NYSE:REN) to announce revenues of $86.6 million and a loss of $0.04 per share.

Scully is optimistic about the prospects of QUALCOMM, Inc. (NASDAQ:QCOM) and has initiated a position for his fund during the second quarter of this year. In its latest 13F filing, SPO Advisory has reported ownership of 6.36 million shares valued at $504 million. He has also decided to increase his bet on Equinix Inc (NASDAQ:EQIX) and has taken SPO’s investment to 5.48 million shares worth $1.15 billion.

Disclosure: none.

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