Opinions
Adam Thomas
Cyries Energy Inc
CYS-T
TOP PICK
Oct 05, 2007
Undervalued story. Junior gas focused company with 70% gas in Alberta. Probably one of the best management teams in the patch. Has come down significantly from its highs. You now get it below NAV. Clean balance sheet. Could be a takeout candidate. Buy a little bit now and if Alberta does not implement the royalty review, buy more.
$6.900
Stock price when the opinion was issued
oil
gas
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COMMENT
To play gas companies, you want to find high quality management teams that have low debt; low operating costs and are the best acquirers in the industry. ProEx (PXE-T), Nuvista (NVA-T), Cyries (CYS-T) andDuvernay (DDV-T) are 4 that fit, but he hasn't had a chance to look at the numbers on Cyries yet.
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HOLD
One of the gassy stocks that has got caught in the big increase in drilling costs and the collapse in the natural gas prices. They are still doing okay, but they don't have the kind of cash flow to give them the drilling room that they need. It'll do just fine in a year or two. Good management and good properties. Could be used as a tax loss if needed.
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HOLD
A deep value play. Merging with Iteration Energy (ITX-T). This will make it one of the larger intermediates in the Canadian oil space at about 20,000 BOE is a day. Liked it when it was a stand-alone company as it was very cheap. Will be a gas-focused company in Alberta and parts of Northeast B.C. Owning Iteration after the merger will be a great idea.
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