Blackstone Group Stock
Blackstone Group Stock
Blackstone Group Stock Up 75% in a Month – UPDATE
UPDATE: Blackstone Group (BX) has announced its Q2 2009 earnings today, beating analysts’ expectations. The private equity firm said it would pay its shareholders a full quarterly distribution. Blackstone’s economic net income–earnings before income taxes, noncash charges for vesting equity-based compensation, and amortization of intangible assets–rose to $173 million from $100 million a year ago. This is a huge improvement from the $93 million loss in the first quarter of 2009. Follow this link to view the Blackstone Group’s earnings report.
Despite surpassing Wall Street’s expectations, Blackstone Group’s shares have fallen in the early trades but it has started to climb back since. “Overall, the company’s loss widened to $164.3 million from $156.5 million, while the per-unit figure was flat at a loss of 60 cents per share. The results included an investment loss of $11 million, turning around year-earlier investment income of $22.8 million.” (WSJ). The Group’s founder, Stephen Schwarzman is optimistic saying that Blackstone has the “largest amount of available capital in our history across our investment platforms.”
Blackstone Group‘s stock has risen incredibly over the last month with a more than 75% jump since July 8th. Shares were trading below $9 less than a month ago but Blackstone Group has rallied to almost $15 today. This likely reflects optimism surrounding the release of the firm’s Q2 earnings tomorrow. The private equity firm’s public stock has tumbled in recent months, never returning to the share price of $35 when the firm first offered stock in June 2007. Since its IPO the stock has fallen as low as $3.96. I will share Blackstone Group’s earnings here when they are reported tomorrow. Blackstone Group is having a live conference call and webcast for the earnings report, to listen in visit the firm’s website.
Here is Blackstone Group’s stock performance over the last month, click the image to enlarge:
If the earnings are as good–or even better– than analysts and observers expect Blackstone Group may see a greater bump than they already have in the last few weeks. This is good news for another top private equity firm debating holding an IPO, Kohlberg Kravis Roberts & Co. KKR has flirted with the idea for quite some time, the private equity group first filed with the SEC in 2007, signaling its intent to offer shares to the public. Since then KKR has delayed a plan to combine with its publicly listed affliliate KKR Private Equity Investors LP but the private equity firm seems intent to be listed publicly in 2009. Perhaps the rallying of Blackstone’s stock will motivate KKR.
Read our complete Blackstone Group tracker profile to learn more about Blackstone Group.
Read our KKR tracker profile for more information about Kohlberg Kravis Roberts.
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