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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL
CWEI 131.900.0%Apr 25 5:00 PM EST

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To: Buzz Mills who wrote (34)11/19/1996 12:44:00 PM
From: Buzz Mills   of 1017
 
CWEI is now at 14 3/4, up 7/8, at 9:30AM PT. A NEW HIGH!!!! The MM has the spread at a half of a point--would like to see it at one-eighth.

Just got off the phone with Investors Business Daily, complained that they still had the 1996 earnings estimate at 0.85 while both Zack's and First Call are now at 1.25; I was told they would see what they could do about updating it. When (in two weeks) the other analysts submit their estimates, the estimate should go from 1.25 to approx. 1.45, and the estimate for the quarter should go from 0.29 to approx. 0.45. It is all Good News.

A 25K block just now traded at 14 5/8--institutions coming in.
Another 20K block at 14 5/8. 1K at 14 1 /2 (Boo).

Natural Gas is up to $3.14 (from $2.70 a week ago) and oil is $24.25; CWEI received $21.12 and $2.62 in the third quarter. More Good News.

MM just changed the spread to 3/8 and has CWEI at 14 1/2 X 14 X 7/8, its a good day so far. Now MM has CWEI at 14 1/2 X 15, trading at 15.
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