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Wednesday, 11 February 2004
February 11, 2004 Giant Industries (GI)
Hello Friends! Thanks so much for stopping by. I hope that you find my incessant commentary helpful and if you have any comments, suggestions or other words of encouragement, please feel free to email me at bobsadviceforstocks@lycos.com Also, as always, remember to always do your own due diligence, that is research any ideas you might find on the internet, to make sure they are suitable for you! If you need to, be sure to use an investment advisor. Finally, (am I being too preachy today?), remember to always to try to cut your losses quickly..and let your winners run!

Today I have another oil industry stock to consider. I do not own any shares. In fact, the only stock that I can recall related to the energy business that I have owned has been Pogo Producing (PPP), which unfortunately got caught in a price downdraft shortly after my purchase and out it went. Giant Industries, according to the money.cnn.com "snapshot", "...is engaged in the refining of crude oil into petroleum products that are sold through branded retail outlets, distributors, commercial accounts, and major oil companies."

Looking at the latest quarterly report from the Giant Website, we find results (after signing in with a waiver on the site), for the third quarter ended September 30, 2003. This report was released on November 10, 2003. Net earnings were $7.5 million or $.86/share vs a loss of $(4.6) million or $(0.53)/share the prior year. Net revenues for the quarter were $472 million vs. $382 million for the 2002 third quarter.

Looking at the Morningstar.com "5-Yr Restated" financials, we can see that revenue has been growing nicely at this company from $0.6 billion in 1998, to $1.8 billion in the trailing twelve months.

Earnings have been erratic, with a loss of $(1.40) in 2002, and a profit of $1.03 in the trailing twelve months.

Free cash flow has been improving nicely the last few years from $2 million in 2000, $3 million in 2001, $25 million in 2002 and $50 million in the trailing twelve months.

The balance sheet is adequate as there are $15.7 million in cash and $202.0 million in other current assets vs. $122.6 million in current liabilities and $423.1 million in long-term liabilities. With the growing free cash flow, hopefully the balance sheet will also show improvements with a decrease in the long-term debt load. (in my humble opinion!)

Looking at "key statistics" on Yahoo.com for GI, we find that this company has a market cap of $130.9 million, making this a small if not micro-cap company. The trailing p/e is very nice at 9.90. The price/sales is probably the lowest on this site at 0.07. The company has a price/book at 0.88.

Yahoo reports that there are 8.79 million shares outstanding with 5.50 million of them that float. Only 53,000 shares are out short as of 1/8/04, representing 0.96% of the float or 0.51 trading days.

No dividend is paid, and no stock dividend is reported on Yahoo.

Let's take a peak at a technical analysis....I do NOT claim to be expert at this, but at least we can see if the chart looks like this stock price is ascending or 'falling out of bed'. If we use the stockcharts.com Point and Figure chart, this looks very "bulllish" to me with a lot of horizontal movement and a recent breakout to the upside. Please don't ask much more of me on technical analysis, it is not my forte but an investor SHOULD look at a graph!

Anyhow, I like this stock just fine and if I didn't own 25 positions in my trading account and wasn't up to my EARS in Margin....about a 40% equity position (yikes), I might buy a little.

Thanks again for stopping by!

Regards!

Bob


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

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