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Gold/Mining/Energy : Panaco Corp (PANA)
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To: stevedhu who wrote (64)10/15/2000 9:28:35 PM
From: Ed Ajootian  Read Replies (1) of 115
 
Panaco is in very healthy shape -- Bank One Capital Markets has a "Buy" rating on their bonds.

I estimate that their 3Q cash flow will come it at around $.50/share, so with the stock at $3.375 they are selling at only 1.7 x their current cash flow run rate.

I believe we are nearing another upside breakout for this stock. When you look at the chart for what happened starting around when they announced the last quarterly results, there were several days of huge volume along with a breakout over $2. There was then a significant pullback when the news of New Valley registering to sell another block of stock came out, but as soon as that problem got rectified (i.e., Carl Icahn stepped up to the plate and took in NVAL's stock), PNO resumed its fervent climb up here to the $3.50 range. Now we know New Valley is totally out of the stock so we don't have to worry about them spoiling the party any more.

IMO the news of the test results of the A-11 well, combined with the 3Q numbers, will have a significant effect on this stock.

Thus I started buying a little more of this stock Friday and plan to continue to do so over the coming week, as long as I can obtain it at or around the current prices.

Folks must think I'm an idiot to be putting so many of my eggs in one basket, but I have neither the time nor the inclination to study all the other O&G stocks out there to try to find another good O&G stock. I want to put more money in this sector due to the high commodity prices. I _know PNO is a good stock and is as safe as an investment can be in the oil patch. So here goes nothin'.
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