Stock price when the opinion was issued
Company's done nothing wrong, excellent balance sheet. Hard-pressed to find an oil company stock chart that's up while oil is down. Still believes in the great strides it's making. Yield is ~7%, fully defendable down to ~$53/barrel. Total return will be fine, even if oil price is not doing too well.
A high-quality small-cap. They've had good success with water floods. They pay a sustainable 7% dividend yield. You're paid to wait. Overall, he's neutral to bearish on oil for 9 months. The market needs to absorb the OPEC supply. HWX is debt-free.