CWEI closed @ 12 3/8, -1/8, Bid 12 1/8 X Ask 12 5/8....Vol..57.8K
Volume was up today and trading occurred in spurts; I believe that was an indication of individuals trading fairly sizeable amounts of stock at one time, i.e. there were four Sells, within just minute, or two, of a total of 7600 shares that took the Bid back down to 12 1/8, and then there were four Buys, within in a minute, or two, of a total of 7000 shares at 12 3/8. Whoever is buying, is buying inside of the spread and they are waiting for the stock to come to them and are not willing, at this time, to chase it. Almost all buys today were at 12 1/4 when the spread was 12 X 12 1/2 and 12 3/8 when the spread was 12 1/8 X 12 5/8. Oil was up today.
If interest rates should go up, CWEI has a lower debt ratio ($18M long term and $19M current liabilities) and won't be affected as much as other oil companies.
Oil $22.32, 0.28 (CWEI received $18.78 in Q1 1996)
Natural Gas, $1.89, even (CWEI received $2.29 in Q1 1996)
CWEI receives a premium for the liquids in its natural gas, on top of
the stated priced. |
