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Strategies & Market Trends : Value Investing
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To: Grommit who wrote (37908)2/28/2012 1:23:25 PM
From: E_K_S  Read Replies (1) of 78476
 
Do you still watch NXY?

Nexen, Inc. Common Stock (NXY) ]-NYSE

My EK$ valuation shows that NXY is still 20%-24% undervalued and I see you sold you last shares in 4/2011. The stock is now 10% lower from your sale price. You pointed out these concerns:

"...1) Increased taxes in the North Sea which seems to affect them more than others.

2) Not great earnings this quarter making me question their projected p/e.

3) Questions on Yemen - Seems like their operations are still in place, but will they be forever? And their lease is up for negotiations also? Tricky on multiple levels...".

I stumbled onto the company as a result of their Horn River Shale acreage holdings located in northeast British Columbia, Canada. From their Web Site:

nexeninc.com
"...We recognized the potential of shale gas early and in 2006 began acquiring large blocks of high-quality, low-cost acreage in the Horn River Basin located in northeast British Columbia, Canada — one of the most prospective gas fields in North America. In 2010, we purchased more land in the nearby Cordova and Liard basins, bringing our total land position to approximately 300,000 acres...."

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I am looking for some pure E&P plays in Canada. It seems like NXY is big enough to be a player and has invested a lot in this Canadian play. I really do not like NXY's other foreign ventures but it appears they are focused on this very profitable area in Western Canada.

Paul Senior, you may have some suggestions as I know you have been finding values in this area.

EKS
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