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The Company, through its subsidiaries, is engaged in the gathering, transmission, treating, processing and marketing of natural gas and NGLs.
Can you tell that I just really don't like Crosstex Energy? Just reference my pitch for XTEX to get my main argument there.UltraLong
I disagree. Precisely the fact that the company has managed to survive during very hard times (low ng price, infrastructure damaged by hurricanes...) is a testament to its strength. Sure, the debt load is no small thing, but the fact of the matter is that, barring exceptional circumstances, the business Crosstex is in is very solid, and debt repayment isn't that much of an issue. Blackstone's / GSO capital's recent investment is also a good sign.
With the grace of almost 9 additional months, it now seems that things are looking-up for Crosstek Energy. Seeking Alpha reports, "Philip Falcone's hedge fund Harbinger Capital Partners has updated its stake in Crosstex Energy (XTXI). Due to portfolio activity on August 17th, 2010, Harbinger has disclosed an 8.1% ownership stake in XTXI with 3,804,916 shares. This is a massive increase in their position because back on June 30th, they only owned 213,600 shares. As such, Harbinger has boosted its stake by over 1,681% in the past two months, adding 3,591,316 more shares."Also, M*star states on 08/06/10, "The big news from Crosstex Energy XTEX and general partner Crosstex Energy Inc. XTXI in their earnings release today is that Crosstex plans on reinstating its distribution later this year after suspending it during the first quarter 2009... The general partner, XTXI, also plans to reinstate its dividend at a rate of $0.07 per quarter, beginning with the third quarter. If Crosstex can continue to increase distributable cash flow at a steady rate, we think there's room to see fairly rapid divided growth at the GP."Good news IMHO...
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