I came across this company by accident while researching info on AIPN, and bought this morning at $5 1/4. Let me give a brief synopsis of the company and why I feel this is a sleeper.
PANA owns/has interests in 575 wells located in the Gulf of Mexico and onshore in KS, LA, OK, and TX. They acquire producing properties and develop them by reworking, recompleting, and drilling developmental/exploratory wells. Clients include Texaco, Citgo, Conoco, and Arco. No institutional ownership, but Carl Icahn holds 13%.
Shares outstanding 23.7 mil, float 11.6 mil. Latest quarter (Jun 97) revenues up 79% to 6.2 mil - for past 6 mos revenues up 32% to 14.3 mil, while net income was up 63% at $1.1 mil.
Ratios: P/E NM, P/Book 3.7, P/Sales 4.14, Current 1.60
(Source: Baseline Financial & Yahoo) |
