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 (352)	2/4/1997 6:11:00 PM
From: Buzz Mills	of 1017

CWEI closed @ 16 5/8, -5/8, Bid 16 3/8 X Ask 16 3/4...Vol 112.8K CWEI got hammered today on fairly heavy volume. At 9X estimated earnings CWEI is already selling at a steep discount to the 22X average of the independent oil sector. It is difficult to attribute the pullback to the lower 1997 estimates as that news has been public for quite some time (since shortly after CWEI announced it was going to embark on the pinnacle reef well exploration program) and at 9X earnings you would have to think the market has already discounted for it. CWEI sold as low as 16 1/4 today before some strong buys came in at 16 1/2 and 16 5/8 to pull it up before the close. Fourth quarter earnings will be excellent and first quarter 1997 earnings are expected to be good. March Oil $24.02, down 0.13 (CWEI received $18.78 in Q1 1996) Natural Gas $3.10, up 0.18 (CWEI received $2.29 in Q1 1996)

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