Opinions Joanne A. Hruska, CFA
Alberta Clipper EnergyACN.TOBUYAug 24, 2007
Good management. Was trading at high multiples when it was spun out a couple of years ago. Had a couple of weak wells in January. Just got a rig and will be drilling 5 new wells in the Sylvan Lake area. Expect that some of them will be successful and everyone will be back in buying the stock.
$2.58
Stock price when the opinion was issued
oilgas
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TOP PICK
Thinks this is a company that will be a consolidator. Has morphed itself from a high impact exploration company, primarily focused on the Leduc, to an overall oil/gas company with significant upside potential. Have assembled a land base in the Montney region. Very competent management.
Frederick KozakOwned
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TOP PICK
Alberta/B.C. based company. Hurt last year when the Alberta government imposed royalty changes on the light oil producers. Well run. Trades at a discount to NAV and about 3.5X next year's cash flow.
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Some of these things can be pretty volatile, but if you have the stomach for it with a long enough time frame, this might be a decent one to Buy and hang onto.
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DON'T BUY
A tough stock to own. Likes their Sylvan Lake play. Fabulous results with their Leduc oil wells. Production growth has been lumpy. Hoping that their recent acquisition will give them more targets and will smooth out the production growth profile. On a valuation basis, it is reasonably expensive and balance sheet is a little bit heavier than the peer group. Better valuations elsewhere.
Jennifer StevensonOwned
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