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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: Lucretius who wrote (398)2/13/1997 8:43:00 PM
From: Buzz Mills   of 1017
 
Lucretius,

I would suggest you begin reading the posts starting about Jan. 19; there was an erroneous earnings estimate put out by Paine Webbber to Zacks that said: 1996's earnings estimate was downgraded from 1.70 to 1.30 and 1997's earnings estimates was upgraded from 1.29 to 1.74. That caused a negative reaction in the stock because of the cut in this year's earnings. Then Oil prices began falling, and CWEI announced a stock buyback--which the market didn't like. Then 10 days after the original mistake Paine Webber resubmitted the correct earnings estimate to Zacks saying that 1996's estimate was now up to 1.78, but that 1997's estimate was reduced from 1.74 down to 1.25--the market didn't like 1997's numbers at all. The reaction to the correction, was far worse than the reaction to the original error, because of the timing and circumstances. CWEI will announce earnings within three weeks; the consensus is 0.61; I expect CWEI to come in at better than 0.70. In 1996 CWEI will earn $1.85 as compared to a loss of $1.31 in 1995. The stock has negative earnings at the moment, but as of the earnings announcement, the PE will be less than 8 at today's stock price of 14 1/2. Hope this helps.

Buzz Mills
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