Opinions
Eric Nuttall
Painted Pony Energy
PONY-T
HOLD
May 04, 2018
$2.620
Stock price when the opinion was issued
oil
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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.
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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.
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gas
This is a great way to play new LNG development. If you own it, ride it into the Shell decision to go ahead with LNG. With the right asset sale they could dramatically improve their debt-cash flow metrics, so that could make him more bullish eventually.