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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 (355)2/5/1997 10:09:00 PM
From: Buzz Mills   of 1017
 
CWEI closed @ 16 1/2, -1/8, Bid 16 3/8 X Ask 16 5/8...Vol..67K

CWEI sold as low as 16 1/8 this morning before buyers stepped in and pulled the price up as high as 17 on the Ask. There was a selloff towards the end of day, coincident with the rest of the market, that moved the price down at the close. CWEI management is comfortable with the highest analyst estimate (0.69) for the fourth quarter which to me means they are going to beat it handily. It is too early in the first quarter to establish solid numbers for it but the analysts have an average estimate of 0.47--January was a good month with high oil($25) and gas prices. Looking at the futures on oil, July contracts are selling for $22.38. Last year we were at $19/barrel in July. It appears that the market feels oil is not going back to $18/barrel this year. CWEI averaged $18.79 in the first quarter last year and earned 0.19 per share.

Crude Oil Open High Low Close Time
March 1997 24.00 24.23 23.83 23.91s -0.11 16:33
April 1997 23.56 23.80 23.46 23.52s -0.09 16:33
May 1997 23.08 23.32 23.05 23.12s -0.04 16:33
June 1997 22.70 22.92 22.62 22.73s -0.02 16:33
July 1997 22.37 22.55 22.29 22.38s -0.01 16:33

March Oil $23.91, down 0.11 (CWEI received $18.78 in Q1 1996)
March Gas 2.43, down 0.07 (CWEI received $2.29 in Q1 1996)
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