YGR/PNERex..you say I misunderstand PNE...but what?
PNE has a 360m market cap plus 70 million debt and YGR has a market cap of 112m and like 119m debt.
If you are in the camp of waiting a NG stock...why would you choose PNE over YGR as one sentance in PNE latest presentation that should have you abit concerned....no...slide 4 says PNE need 1.85 /mcf to cover divy, capex and debt repayments.
And that is with a measly 17.5m capex.
This 1.85/mcf number is from their march presentation so it would take into account what PNE has hedged higher.
So for seeing how AECO wasnt 1.85 for march, PNE could be increasing their working capital def for the month.
PNE looks to be draining the CF from the flush production from wells Certus drilled without reinvesting much for 2025 year.
If NG prices every got better in 2025 or 2026...how exactly is PNE going to pivot and have money to have any kind of drill program.
PNE is worst energy stock to be in hands down.
They should be trading at 30-40 cents. That 6 cent divy isnt sustainable at under 1.85 mcf and they dont have debt room to run neg and wait for a recovery like Birchliff hopes too do.
The market is so distorted when compre PNE to YGR right now and things will balance out by June.