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Energy companies to avoid, according to Art Smith, head analyst at J.S. Herald, quoted in Barrons:
"Q: Any others to avoid?
A: Energy Partners is an E&P company out of New Orleans. It is trading around 13, and it appears that it didn't have a very good year last year. Our last per-share basis was $3, and it has a fairly high debt-to-asset value.
"I'd raise the caution flag, too, on the Chinese energy triumvirate: CNOOC, Sinopec and PetroChina. We value CNOOC at $32 a share, and it's trading at $42. Sinopec's appraised net worth by our calculation is $29.75 a share, but it trades at $37. PetroChina's net worth is $41 a share and it trades at $50.
"They all have small floats -- the shares in public hands of all three combined is $23 billion, or two months of trading volume in Exxon Mobil. BP and Shell have been selling their holdings in China. They probably know more about these companies than fund managers do. There's also the risk of a currency revaluation down the road."
Contra Wulff... (And Smith may be right.)
Oil and Gas stocks rose today. Even RDC (lost 4 crew members off the Gulf of Mexico yesterday) gained 40 cents. I'll continue to hold.
Zeev - Congrats on FCX - closed just 25 cents higher (38.58).
Chinese oil stocks closed lower. CEO down 10 cents (41.65). PTR down 57 cents (49.36).
With 2 minutes to go, PTR is at 49.36.
Not pleased with PTR. Thirty minutes to go and it's up 15 cents from by "Buy" at 49.15.
NEM faces recent warning that Nevada "roaster" will be closed for several weeks. See Reuters (Fri 2:29pm) for details:
http://biz.yahoo.com/rc/040326/minerals_newmont_3.html
"Newmont says Nevada shut-down to disrupt sales..."
NEM is too high for Zeev. Bring it down for Zeev to buy, and up for him to sell.
NEM is holding at 46+. Good for most gold stocks, esp the "junior miners."
FCX high today: 39.25. It's going down.
Bought 200 shares PTR at 49.15.
PTR down a dollar (48.93)
Zeev - Can't keep up with you and Bearmove today. I'll just watch.
Nikkei is up 2.1%, but the Hang Seng is down another 0.3%.
PTR closed down 0.65% in Hong Kong. (May not rebuy today.)
choad - AVN_u.TO is a Natural Gas trust. Ditto BR and ECA.
AVN_u.TO closes up another nickel. (Still at a new high)
http://finance.yahoo.com/q?s=avn_u.to
Sold MRO two days ago at 33.10. Now it's below 31...
NEM closed at 45.21 - Holding 300 shares.
BR is up about 2% - Company will report Gas Inventories next week.
CELG is up about 3%, typical of biotechs today. (High so far is 47.21.)
Natural Gas Inventory for the week ending 3/19 - bullish.
The Energy Information Administration reports that U.S. natural gas inventories level is at 1032 bcf, a fall of 65 bcf from previous week.
AVN_u.TO keeps climbing.
http://finance.yahoo.com/q?s=avn_u.to
Exited PTR at 49.90.
PTR opening: 49.51 (down 2.42%).
Royal Dutch/Shell will return to Libya. (Just heard news on BBC...)
Nikkei is up 1.5% to 11530.91. Hang Seng is down 1.3% to 12520.21.
PTR closed down 6% on news that, while H2 profits are strong the outlook for rest of year is "weak":
http://biz.yahoo.com/rc/040324/energy_china_petrochina_4.html
RDC down 13 cents at 20.95.
http://biz.yahoo.com/rc/040324/energy_rowan_3.html
(Wed 1:10 pm - Reuters - Helicopter carrying 10 missing in Gulf of Mexico)
Holders of NGAS - Bid 5.80 after-hours. (Down almost 6% on the day...)
FCX down 99 cents - bearish; AVN_u.TO closes up 16 cents at C$18.70
(highest price yet) - bullish).
PTR closed down 90 cents (50.74 uptick).
Dan - Your two most recent postings have me thinking about Chinese Oils (and whether to pocket profits).
AVN_u.TO at an all-time high (as of 15 minutes ago).
AVN_u.TO at another new high. (C$18.64 + 0.10).
http://finance.yahoo.com/q?s=avn_u.to
BR probes March pullback low of 58.85...
Read this last night and will keep it in mind, esp. if I bail.
Agree with you on FCX but can you think of another reason other than the downgrades why it's down so much in the past 2 weeks?
B of A finally upgrades Oil Service stocks. My only stock in the Oil Service area is RDC (Up 16 cents).
PXD now down 33 cents at 32.05; FCX never got above 38.55.
CELG is up today (46.20); so is PBR (32.30). Not a good day for mining stocks.