John Stephenson
Amerada Hess Corp
AHC-N
PAST TOP PICK
Jun 28, 2006
(A Top Pick Mar 22/06. Up 3.5%.) Has been a challenging time for these big American internationals, despite the higher prices. Still likes the name. Has reasonable refining abilities.
Not a bad time to look at U.S. because the dollar has had a good run and it’s cheap. 3.6 X EBITDA compared to its competitors at the 5 range. Exposure to downstream the refining aspect. Doing very well with that.
Ultimately, you want to have some integrated producers. Inexpensive on a cash flow basis compared to its peers, and yet they’re increasing their reserves. Inexpensive.
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