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: Charles Macdonald who wrote (71943)	8/29/2000 4:22:27 PM
From: isopatch	Read Replies (3) of 95453

Charles. My portfolio is heavily weighted in the sm NG E&Ps for max growth. 1. IMO it's very important to buy a basket of these critters due to the higher company specific risk in each one vs investments in hi quality lg cap stocks where diversification is not as important. 2. As time goes by, it's important to weed out the under performers in the sm cap part of a portfolio to maximize your overall LT results. Did that earlier this yr with exits from PETD (a 25% gain), TXCO (a 28% gain), EPEX (a 17% gain), EVER (a 47% gain) pus a few scalp gains & some sm loses in 1 or 2 others. Only time and the tape can tell which of out of the current crop will do well and which will be weeded out at some point in the future. Right now PQUE is my largest holding among the sm cap NG E&Ps. ESNJ and EEE are a bit smaller holdings. GRL is just about as large as those 2 but is a mid cap with considerable crude production plus expl promise. Then there is a smaller position in PLLL another purer NG sm cap. PRZ is my smallest E&P holding that has not performed well lately (down about 3%) but my guess is it will rally into the upcoming secondary offering. Such things have a way of happening on Wall Street<G>. My largest position of all is on the conservative side of the account. HGT is a NG royalty trust, that I averaged into in Dec and Jan. It pays very large monthly distributions that are tax deferred by depletion and depreciation deductions. HGT is a pure LT position that I do not trade at all. Have a much smaller position in NG pipeline TCLPZ that pays a large qtrly div, also tax deferred by large depreciation deductions. Do not trade that either. However, both positions have have appreciated nicely in price ytd. My OS investments make up a small %age of the overall portfolio. They were selected because of their business and customer bases are heavily weighted toward the NG industry. MAVK is a tubular mfg that is merging with a very profitable Canadian tube outfit and the new company will be listed on the NYSE. My most recent buy (yesterday AM) in the sm cap south Texas driller STXD which came to my attention through Texas geologist friend via email over the weekend. Had to chuckle as it was rec on the RIG thread yesterday afternoon. Also have a healthy position in NG processor MWP. This sm cap NG infrastructure play shows very well on value screens and has posted impressive recent earnings growth. Volume there is almost non-existent, so lmt orders ONLY on that one. I just hit the offer on dips to build my position in it a few months ago. NOT one for traders<G>. Am sure I left some things out<g>. But off the top of my head that covers most of the bases anyway. Hope that answers your question. And good luck with your DD. Cheers. Isopatch

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