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Paragon Offshore plc Message Board

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  • vickersviscount vickersviscount Sep 1, 2004 6:44 PM Flag

    If Frances hit PGN service area, they

    I notice you have a Buy rating on PGN, despite the possibility of being hit by Frances. . .do you feel it is still a long term hold?

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    • For the long term(3-4 years), they will be OK. But for the next year, I think that this will really hurt them. They have a smaller catastrophe fund than the other utilities, and they are already having problems coping with the damage from Charley. This week they have brought in people from other utilities to try to repair the previous damage, and we will probably be hit very hard this weekend. They never anticipated two big storms in a year.

      After thinking about it, I think I will get out of the stock tomorrow because I think the stock will take a hit Friday and next week. I can always get back in later at a lower price. I'd rather not take the risk. I invested in PGN because it was low risk. That was before I found out that they didn't have insurance.