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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: Billiam57 who wrote (138)12/11/1996 1:00:00 AM
From: Buzz Mills   of 1017
 
Bill,

You said three brokers for the quarter; 0.29, 0.58, and 0.54 averages out to 0.47; but I don't know who the 0.54 would come from. I will bet that it is 0.29, 0.58, and 0.56 averages out to 0.47666, and First Call just called it 0.47. I also think the 1.66 may be Paine Webber--Lajuanda had written 1.70 but you aren't seeing a 1.70. The fourth broker for the fiscal year is probably First Call---Zacks does one for the fiscal year. I purchased a First Call dated 11/04/96 and there was a high of 1.53 on the range of broker estimates. That 1.53 was from First Call, because no broker had turned in any new estimates at that time. We'll figure this out eventually.

Buzz
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