International Buyout Fever Hits Energy Trusts

• BY the tickerspy.com Staff
• On 10:47 am EDT, Thursday October 22, 2009

Harvest Energy Trust (NYSE: HTE - News) shares are soaring after the company agreed to a multi-billion dollar buyout.

South Korea's state-owned National Oil Corp will buy Canada's Harvest Energy Trust for $3.9 billion in the largest outbound cross-border oil and gas sector deal in Korean corporate history, according to Forbes.com. The deal is sending shares up by a third today, as Harvest agreed to a price of C$10 per unit plus the assumption of debt C$2.3 billion debt.

As a whole, the Canadian Energy Trusts Index is mixed, although the Harvest deal is sending its average up by 3%. The sector is now ahead of the S&P 500 by 15% over the last month.

Enterra Energy Trust (NYSE: ENT - News), now the Index's smallest component, and Penn West Energy Trust (NYSE: PWE - News), its largest, are moving higher by 6% and 2.5% respectively. The former is now up by more than 20% over the last week.

Precision Drilling Trust (NYSE: PDS - News) is off by -2% today, while Baytex Energy Trust (NYSE: BTE - News), Pengrowth Energy Trust (NYSE: PGH - News), and Enerplus Resources (NYSE: ERF - News) are slipping fractionally.

The Canadian Energy Trusts Index is the top performing oil-tied Index over the last month, up by 16%. The sector is also a top pick among dividend investors, ranked in the top-10 tckerspy Indexes by yield.

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