Opinions
Joanne A. Hruska, CFA
Painted Pony Energy
PONY-T
TOP PICK
Dec 06, 2013
$6.950
Stock price when the opinion was issued
oil
gas
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BUY
They have significant assets in the core area that will benefit from LNG. They had a tough second quarter and production came in because they shut in some production. The fourth quarter is going to be good. He thinks they can buy down debt next year. It is a higher beta stock and not owned by institutions. They could be a takeover candidate 3 or 4 years down the road.
oil
gas
DON'T BUY
He is bullish on Albertan-based natural gas because we have declining production and supply, increased take away capacity and inventories are at a 10 year low. The winter will eventually come and then there is the prospect of depleting storage. A lot of Nat gas companies have hedged away their Alberta gas exposure. Pony still leaves him a little uncomfortable, however. He likes BRK-T, TOU-T and ARX-T. The balance sheet of PONY-T leaves him pause.
oil
gas
Saskatchewan oil assets are now a small portion of the company compared to the Northeast BC Montney play that they have. Massive land base with much of it surrounded by the Petronas - Progress land base. Has a great chance of doubling the share price in the next 5 years. They are going to use debt for the 1st time to fund a lot of their production without having to go to the market.