RE:RE:EarningsJust out of curiousity, what extraordinary expenses do you think they had in December?
I know you say in Q4 compared to Q3, but we already know the cash pile was increased by almost $14 million in the first 55 days of Q4 (and remember Q3 earnings were only $18.2 million), and on top of that, December was their highest production total month ever.
We now know Q4 production was about 6.5% higher than Q3 production.
Personally, I'll be shocked if Q4 earnings aren't over $19 million, and if full year 2013 earnings aren't 10 cents per share. P/E 3.3 if we stay this low.
I also own PXT and find it ironic that they are up 6% and PTA is down 4% on essentially the same news for both.
Both increased production quarter over quarter by roughly the same amount.
Both have new discoveries that will add roughly the same % increased production
Both have roughly the same market weighted debt levels.
PTA has slightly inferior 2P reserve levels, but only slightly, although PTA hasn't had an update since 2012. (based on relative market caps of course)
Big difference is that PXT, while having a $769M market cap vs, PTA's $196M, or are 3.92 times larger by market cap, does not have 3.92 times the $85M or so cash pile that PTA is sitting on.
Essentially, PTA feels like the better value of the two to me. Both however, are quite undervalued compared to their Colombian peers imho.
I do wish PXT would have had 3.92 times PTA's earnings in Q3. Or any. Fingers crossed Q4 is better for them.