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Broadridge Financial Solutions, Inc. Message Board

  • long_or_short_of_it long_or_short_of_it Jun 28, 2000 3:08 PM Flag

    Excerpts from DLJ 6/26:

    First, on the general state of natural gas

    Natural gas markets persistently tight - recent weekly
    storage statistics point to levels 23% below 1999 and 12%
    off normal for this time
    of year - year-ago
    comparison of 91Bcf for next week should lead to further
    evidence of struggling deliverability which supports
    higher prices.

    � Next wave of quarterly results
    to start building momentum - bottom-
    performance to surprise even the most optimistic observers
    with rocketing natural gas and oil realizations -
    although hedging programs will be a modest drag - and
    operational marks expected to be
    On Burlington Resources:

    ( BR - $ 40.00 - TOP PICK - Target: $ 60 )

    Although perking up Thursday and Friday shares wound up
    off a slight 4% last week in tandem with the group -
    long-term exposure to fundamental
    improvement in natural
    gas prices remains largely underappreciated - Total
    Cap: 2001E EBITA at lower end of 5x - 16x

    � Delayed production out of Canada as Mother Nature
    sends winter- drilling crews home early comes as a bit
    of a disappointment however volumes not lost and
    rapid trajectory intact for the fourth quarter along
    with further progress expected from vast north of the
    border program.

    � No real surprise in decision
    not to bust pooling to permit accelerated
    stock buybacks-new 2 million share authorization should
    be completed in fairly short order as management
    contemplates reinvestment of burgeoning cash flow to enhance
    bottom-line returns.

    � A pair of deepwater Gulf of
    Mexico wildcats on the calendar for the second half of
    the year - including BR-operated Atlantis East - and
    updates on drilling in Algeria as well as a hoped for
    developmental agreement should help ignite positive sentiment
    towards the story.

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