Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: hdrjr who wrote (55286)	11/23/1999 12:08:00 PM
From: SliderOnTheBlack	Read Replies (1) of 95453

Valuation balances... ie: OEI is now priced to OSX 60-5 level One thing I continually screen for; is when an individual stock gets out of balance-valuationwise with its own subsector, or the OSX index as a general barometer. OEI is at a 3 month low; that is nearly indicative of OSX 60ish levels. It has "better" fundamentals than the driller/service stocks and had far, far over-retraced in comparison to the OSX here. BR APA NBL UPR OEI et al; are presenting some anomalous opportunities on a common sense valuation comparison. The equilibrium of these quality E&P's to the OSX index, or to their own recent valuations and ultimately to commodity prices; will return. UPR just had strong buying strength, an institutional fav' - great financial turnaround story; twice broke to $16 and now ! - with just the pre-API jitters; has retraced back to bottom support of near $13 ! ... these are gifts; opportunities for the individual investor. I also wonder if some funds are quitely building cash positions in the event of any Y2K redemption pressure ? Trimming overall fund positions to much, much higher cash on hand levels ? Nothing on the OSX looks cheap; PGO getting close... some small caps look good... OII still cheap; but that's about it. It is an E&P game here - given Crude Prices; it's too good to be true; what are the Fund Mangers thinking here ? NEV a near pureplay on crude - blows off? Why this weekly dance on the API's ? The week to week inconsistancies are a joke... the overall trend is clearly a draw on storage and supply is being drawndown globally... It pays well to go against the grain... but, its not without its risk. Gotta be a player here... Hell; I'd be a player at these valuations in the E&P's if we were trending up from $17 crude to merely $20 ! - let alone, from $20-22 to $25+ !?!?!?!

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