I am not sure where the current bottom for this stock is duelittle2, but long term I have NO doubt in my mind that oil and gas prices will be headed substantially higher. The reasoning behind that is two fold: Firstly, LONG TERM supply/demand will push it because the exponential growth of China/India is undeniable and unstoppable. And Secondly, despite the overriding concern in the markets now with deflation/US Recession and an overall unwinding of commodities positions, the true long term concern really should be INFLATION given the massive additional debt being taken on by countries, especially the USA. So though the US Dollar is "recovering" right now, in my view this will prove to be a dead cat bounce and I am bearish on the dollar in the intermediate/longer term. Now, if you buy into that thinking as well, do not forget that oil prices worldwide are PRICED in US Dollars! So as inflation comes back to the forefront, the price of oil will once again be hit with the double whammy of supply/demand dynamics AND the devaluation of the dollar, both of which will send oil prices skyrocketing again.
So, based on what I just wrote, my view is that long term HEMI has no worries about the price of oil being plenty high enough to "assist" the company in getting top dollar for a buyout.
For HEMI, it is all about execution over the next year or two. CAN they finally get more of the Kansas oil and gas to market? Can they develop the right JV agreements for perhaps the Sabine lease or the Bakken lease? etc, etc....
And despite the painfully long wait, one of the reasons I have decided to wait it out here is because the company is not saddled with massive debt. We all know this of course, but the reason I bother to revisit that point is because it is in times like this ESPECIALLY that one realizes why a no debt situation is soooo important. There are countless GOOD companies out there, not just bad companies, that are hurting so badly that they will eventually go under or have to sell their souls to the "financing devils" of the world, so to speak, just to stay in business.
So a company like HEMI, despite it's painfully slow progress, is one of the few microcaps I am willing to wait for...... because of it's very reasonable O/S count, yes, but of even greater importance is their proven determination to remain debt free. Some mistakes here? You bet. BUT, at least they are in a position to make mistakes without it costing us everything.
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