Slider,
Without doing any research, I would think most on the list grew through acquisitions. The ones I believe grew through the drill bit are: CRZO, ESNJ, CWEI, TLM, PQUE, PENG, PPP, NFX, BELW, ROIL and DNR.
That's 11 out of 23. Anyone have any additions or deletions?
Lot's of 52 week highs today: TMR, LD, MHR, KP, APA, SEI, CRK, THX, OXY, MND, PXD, EOG, COG and PTEN.
I wouldn't short yet, but there will come a day sometime soon. The average E & P stock was up 3.3% today after a record day yesterday. Lots of E & P stocks are near the "exit multiples" which comes in the final stage of the cycle. TMBR, APC, FST, BRR and BEXP all selling between 9 and 10 times record cash flow. PENG at 13X, ESNJ at 18X and EEE at 20X. More downside than upside in that group.
If you want to play the E & P's all the way, I would be using very tight stops.
Jim |
