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Gold/Mining/Energy : CWEI
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To: O'Donnell who wrote ()9/21/1996 9:04:00 PM
From: O'Donnell   of 16
 
More on CWEI:

1) 26% increase in oil production from last year. Company is drilling
new wells at the rate of two per month.
2) Avg second qtr oil production up from 4000 barrels a day to 6,571
barrels a day.
3) Avg oil price is up over $3 from the second qtr.
4) Second qtr eps of .32 included a one time charge ( non cash for
impairment of long lived assets )
Without this charge, the company would have reported eps of .48.
( Higher oil prices in the 3rd qtr
but analyst mean estimate is only .17 ) Will beat estimate.
5) Hanifen and Imhoff raised cash flow estimate 17% to $4.72. Company
is selling at only 3.21 times cash
flow ( even Benjamin Graham would be proud ) when Strategic
Investor is reporting an industry avg of
25.52.
6) Hanifen and Imhoff raised eps estimate. For 1996, they doubled
their estimate from .66 to $1.37.
7) Company has higher than expected oil production which is
attributable to better than expected flush
production from 8 new horizontal oil wells in the updip portion
of the Giddings Field.
8) Company is selling at a discount using a Price to Book measure -
CWEI price / book = 1.77
Ind price / book = 3.75
9) Company is selling at a discount using a Price to Sales ratio -
CWEI price / Sales = 1.27
Ind price / book = 3.75
10) Hanifen and Imhoff raised price target to $18 per share
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