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Denbury Resources Inc. Message Board

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  • harehau harehau May 1, 2008 2:55 PM Flag

    why the downage...makes no sense

    Big- I agree with your assessment. My largest holding Williams reported today, beat estimates and they are off a couple of dollars in the past few days. But if I look at their pipelines and midstream businesses and use a 10x ebitda, and look at their gas reserves of little over 4 tcf at $3 /mcf, not excessive at $10 gas, and give the 2p and 3p a $1 value, their reserves are probably lower risk than most, I get to a roughly $65 value. And, they are trading at $35 today. Today, feels like the momentum players are using the dollar strength, maybe yesterday's crude supply number, maybe today'a nat gas number, and who knows what else to move out of the winners into something else. I think Peter's scenario for this winter for gas still looks reasonable. Hare

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