Clayton Williams Energy (CWEI) OIL Message Board

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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL

CWEI 131.90

0.0%

Apr 25 5:00 PM EST

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To: Buzz Mills who wrote (127)	12/7/1996 4:24:00 PM
From: Buzz Mills	of 1017

Rodman, Renshaw New Estimate........................ Clayton Williams Energy, Inc. (BUY) Increasing Price Target and Estimates--Reiterate BUY Price Target $24 EPS Curr. Prior Street P/E Ratio ----------------------------------------------------- 1996E 1.56 1.48 1.25 10.2x 1997E 1.13 0.79 1.12 14.0x 1998E 2.05 - - - CFPS Curr. Prior Street P/CF Ratio ------------------------------------------------------ 1996E 4.90 4.82 4.35 3.2x 1997E 5.25 4.90 5.00 3.0x 1998E 6.35 - - - Quarterly Estimates 12/96 Curr. Prior Street Yr. Ago ------------------------------------------------------- 4Q 0.58 0.27 0.29 (-0.07) SUMMARY R&R believes that CWEI warrants a higher cash flow multiple of four-to-five times and $24 is the MIDPOINT of that range. They have increased their 1997 earnings estimate from $0.79 to $1.13. For the 1996 fourth quarter they have revised their earnings estimate from $0.27 to $0.58 and the cash flow from $1.13 per share to $1.34. They expect CWEI will continue to improve reserve replacement and increase reserve replacement to 120% during each of the next two years.

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