James Hodgins
Estrella International Energy Services
EEN-X
WAIT
Nov 24, 2011
Still owns a small amount but is more in the bonds. Nothing really wrong with the company. Had a bought deal that was hung in the spring and has been an orphan since. Strategy of acquiring generic rigs, taking them out of service, retrofitting them for more specialized rigs and putting them out at higher rates is all happening. Wait for a turn in the stock before you chase it.
(Top Pick Dec 20/10, down 20.75%) Small but very fast growing energy services provider in South America. This is where the fast growing deposits are. There is lots of growth ahead of them. He is looking to hold it for 2-5 years for a double. Is still a buy.
Energy services provider in Latin America. They participate in some of the larger basins in Columbia, Argentina and Chile. Geothermal operations. Got caught up in a financing that wasn't handled properly but most of that has been cleaned up. Fantastic buying opportunity. Good chance of a double.
(A Top Pick Dec 21/10. Down 60.62%) Ridiculously cheap at these levels. Easy potential for it to go back to $.70. Has been trading quite well. Trading at 1.5X EBITDA.
(A Top Pick Dec 21/10. Down 65%.) Has switched out of most of this but still has a very small position. (Also Short many similar names so that net returns in the portfolio wouldn’t necessarily reflect this return.)
(A Top Pick Aug 30/11. Down 73.61%.) Some of the regimes where they did business turned unfriendly. Then they ran into cash flow problems. At this point it is probably best to stay away. He still holds a position in the form of convertible debentures on their bonds.
(A Top Pick with Sandstorm (SND-X) and Swiffer Hygeine (SWI-T) Dec 29/11. These 3 did okay.) Part of a “triple tax loss” 3 week trade where owners did tax loss selling and then are buying back their stocks.