Monday, October 12, 2009
Friday, October 2, 2009
Portfolio Note: CIT @ $1.21 - Sell
Sold CIT on the memo.
Bought at $0.70, cashed out half at $1.46 and the rest at $1.21 today. All in less than three months.
Thursday, October 1, 2009
Portfolio Note: CEP @ $3.98 - Buy
Constellation Energy Partners (CEP) is a nat gas production company.
From the 2Q conf call: the NAV of proved reserve was worth $312.4 million, while the current market value is $88 million. The calculation values reserves at about $2/mmBtu, so I assume it deducted production costs.
From 10Q of Q2/2009, CEP hedged around 3/4 production at above $8.
It generates $9 million free cash in 1H.
Known unknowns?
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