RE:RE:RE:RE:RE:RE:Energy Trendsnukester wrote: Peyto 30% of my humble portfolio since covid lows (approx)
Recently shaved profits.
Hovering at 20% today.
never thought Peyto was the best run company, just thought it was the most under valued of the sector years back. Still kind of true, but not the same as back during covid.
Nothing wrong with hedging, but management needs to be humble enough to admit they made mistakes over hedging / excessive capex in the past.
Seems like Peyto managent is evolving into more pragmatic capex spending during the recent low prices. I like what I think I see. I dont care for the increased Repsol debt , but seems like the money was well spent and the debt servicing cost are reasonable.
After Peyto's near death experience before covid (and during covid) I think they are a slightly different company.
I am glad I bought and held all these years.
These guys have been around 20 plus years, they know how to poke holes and move gas. Marketing and hedging seems like a different game. Dont know how anybody continually wins the hedging game. Seems like one more necessary evil.
Almost like being married :-)
Cheers,
Nukester
Hats off to you,
Nukester.
Not easy cashing in chips when you're rolling.
Reducing PEY stake by 33% when you expect it to appreciate further over next 5-10yrs, shows adherence to smart money management.
I've been in that hot seat once or twice, I remember my heart beat and hands sweating.
Was 2006, I was sitting on COS.un at 7x upside.
Hurricanes were on their way into Gulf of Mexico.
Still liked the fundamentals of the business and sector, but it was mother nature who told me that it was time to leave the party early.
Ya, it's the PEY board but good to talk portfolio stuff a little, especially with the clever guys who bought PEY at $1 or $2. I started buying it around $6 to $7 as the smoke cleared from Covid/death obsessed media/govt. Chatting with Nukester about the scamdemic helped me think more clearly in that moment, which allowed me to make some decent money for some really good people. Hard working Canadians, life-long contributors, families wondering what happened to their standard of living the last 9 years.
Not my first dance with Peyto pros. I was buying unit offerings for customers back around 2004-2005 as an income trust. Worked nicely as NG prices were elevated. We all rolled positions into Pembina, which most people still own today. They were intrigued to see PEY back in their accounts at a time when the world told them demand for fossil fuels was over. Remember that?
Good times, gents, good times.
Thanks for sharing your personal/private portfolio choices.