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Thursday, 4 December 2003
December 4, 2003 Pogo Producing (PPP)
Hello Friends! It is getting late and I need to get up early tomorrow. Wanted to post a quick note on Pogo (PPP) and explain why it caught my eye. As always, please check with your financial advisor before investing in anything mentioned here.

Pogo Producing (PPP) had a nice day today closing at $46.66 up $3.38 on the day or $7.81%. According to money.cnn.com, Pogo "...and subsidiaries are engaged in oil and gas exploration, development and production activities on its properties located offshore in the U.S. and Canada and internationally in the Gulf of Thailand and the U.K."

On October 14, 2003, per PRNewswire-First Call as picked up by Yahoo.com, PPP reported their third quarter results for the period ended September 30, 2003: Revenue in 2003 was $277.9 million vs $207.8 million last year. Net income was $67 million vs $31.6 million last year, and on a per share basis was $1.07/share vs. $.52/share last year.

Morningstar.com shows a steady rise in revenue from $200 million in 1998 to $300 million in 1999, $500 million in 2000, $600 million in 2001, $800 million in 2002 and $1.0 billion in the trailing twelve months.

Earnings have grown from ($1.14)/share in 1998 to $3.72/share in the trailing twelve months.

Free cash flow has improved from $92 million in 2000 to $297 millin in the trailing twelve months.

Balance sheet is slanted in favor of liabilities with $229.8 million in cash and $170.1 million in current assets, plenty to cover the $204.8 million in current liabilities however, the $1.1 billion in long term debt does appear manageable in light of the improving free cash flow.

Pogo is reasonable priced with a p/e of 12.34, and a yield of 0.43%. For more infomation, check yahoo for statistics. I liked this stock today, and especially with a little better diversification in the portfolio, I decided to buy some shares!

Thanks for stopping by!

Bob


Posted by bobsadviceforstocks at 11:17 PM CST | Post Comment | Permalink

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