GREY:TBTEF - Post by User
Post by
bshort92on Jul 26, 2013 11:18am
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Post# 21632482
The dog days of summer
The dog days of summerJust when one thought that the plight of TBE couldn't be worse the shares are now trading even lower behaving as if a dividend cut is on the way due to constrained cash flow. Baffling in a $100 + WTI market with $20 WCS differentials. At $1.72 a share TBE's market cap on 256 million shares out is $440 million throw in $196 million of debt and the enterprise value is $636 million or $39,500 per flowing boe on 16,100 boe/d production. If you liked the issue at $2.40 then you got to love it at $1.70 or lower. This is one whipped dog. But hey all the pundits say the dividend is sustainable and the firm is run by top flight operators.