Opinions
Bill Carrigan
Painted Pony Energy
PONY-T
DON'T BUY
Mar 18, 2014
$8.210
Stock price when the opinion was issued
oil
gas
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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
Well liked by the Street, but the correlation between the price performance and the streets love affair has not been that good. He would be concerned about it. Feels the stock is overliked and probably overowned. Natural gas has made a big run, but this one has not kept up with its peers. Doesn’t see any upside and there are probably better places to be.