Pacific Exploration & Production. (PRE.TO)…

Pacific Exploration & Production. (PRE.TO)

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BUY

Doesn't pay a dividend so it is a growth stock. Operates in Colombia. Has taken quite a beating recently. He still likes the company. There were some downgrades in terms of their potential production. It is definitely trading in a Buy range.

DON'T BUY

A fantastic growth story in Columbia but right now, the momentum is coming off. They have a depleting asset with all kinds of contract issues. There is no way to know where it is going to come off to.

BUY

There are a couple of overhangs on this stock. Infrastructure challenges in Colombia, labour issues and permitting. At this price and valuation it is attractive.

BUY

Virgin territory in Colombia, which has turned around politically. Improvement in production has been substantial. They have no problems getting licensing or getting the pipelines in.

DON'T BUY

Core value of about $23. Risk (?) value to their upside to their exploration is about $35, so they have about 10% downside but 35% upside. That is not enough given that management's track record in the past year.

BUY

Is a name he would start getting back into. Political situation is relatively stable. It doesn’t concern him like Peru. A decent name. Nibble away at it.

COMMENT

Big oil play in Colombia. The big challenge for them now is that their contract is up for their bread-and-butter fields in the next 5 years. Trying an oil recovery project, which is an unproven technology and it is not known it will work or not. Would be cautious on this for the moment.

COMMENT

Great cash flows and return on capital but there seems to be a lot of stale bulls (?) in the stock. Thinks it is pretty undervalued. This is a good level for it. Starting to look interesting.

COMMENT

50 day average bouncing around a little but crossed the 200 day in April. Chart shows a downtrend but support is Trying to form at around $25. Would like to see that hold or it could drop to the $20 level. Great risk/reward here. See how the fall goes and if the risk trade comes back on with the whole resource actor making a move back up.

HOLD

Missed on a couple of their production estimates in the last 2 quarters and he switched to Petrominerales (PMG-T). There are a couple of Colombian oil plays that look pretty interesting.

DON'T BUY

Had an asset where there was an additional royalty where there was a controversy as to if they were clear in telling the street about the additional 18%. This was why the drop in the stock price. Risk/reward is not compelling enough for him.

SELL

Had a big drop a couple of weeks ago when reserve levels were disappointing. Chart shows it tried to make a new high 3 times from November to March. The sector is doing rather well but this stock is not. He would stay away from this one.

DON'T BUY

He was short and covered a couple of weeks ago. There was a significant decline in reserves added so stock declined. It will be a wounded warrior for a while, so wait on the sidelines.

BUY

Play on the oil price. Good management. Stock dropped on confusion of how they reported reserves. Good entry point. Will be one of the biggest oil producers in Colombia. Looking for a lot of growth.

HOLD

$41.76 model price, 47% upside. It’s really trying to hold in here. Watch it very. Very carefully because it could go to the $20 level if it break down.

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Pacific Exploration & Production. (PRE.TO)