RE:RE:Reason the market hates itI think a lot of people take PEY the wrong way.
Name one company that tells you as much all the time.
Many companies everyone is just guessing and either surprised very negatively or positively.
PEY has had its positive moments.
Many shareholders don't tell you the truth either, many are in short-term, want changes, huge growth or huge dividends immediately and then vamboose gone when they get their piece of the action.
PEY is not a huge 50,000,000 cf/d driller per well or does deals every six months. They don't change the hottest thing all the time. They stick to consistent drilling, adjusting according to prices, and costs. They do think ahead on plants and equipment, pipeline etc. this all takes time.
It seems they don't want to go below $500,000,000 in debt, not sure why, takeover concerns as management does not own a high percentage. Will have to see next year if debt comes down every quarter or they hit a level.
As drilling goes up the percentages go down of course.
There are always a lot of good tidbits in their conference calls, and then they have them in writing where you get a better slower understanding of what they are saying.
If prices stay at these levels for the next two years everyone is going to look good, whether you produce for 50c less than the other guy or even a $1, the key will be whether you hedge.
So a high cost producer of NG could fly past you would not even notice.
Other stocks I have bought in the highs in the last three months have not done as well as PEY, they dropped harder and still are not coming back as well.
At least with PEY we know where we stand.