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Neuberger Berman Real Estate Se Message Board

alwaysgoodstuff4u 1 post  |  Last Activity: 16 hours ago Member since: Dec 1, 2009
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  • alwaysgoodstuff4u by alwaysgoodstuff4u 16 hours ago Flag

    Penn West, like IAMGOLD, is trading for less than its book value. This might sound redundant, but when buying into unloved companies, having a low price-to-book ratio is an important margin of safety. Here again, Penn West Petroleum could easily double in the next 52 weeks thanks to rising crude oil prices, and the surprising resiliency of natural gas prices to stay around the $4 range.

    I would not be surprised if Kinder Morgan (NYSE: KMI) or Chevron (NYSE: CVX) decided to acquire Penn West in order to increase their reserves. It’s a lot less risky for a company to have operations in Canada rather than in emerging countries. The company’s reserves are all situated in Canada, which is a very safe country when compared to the rest of the world.

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