Hi Pat: A few months ago I decided to sell my positions in Canadian Natural Resources (300 shares) and 200 shares of EnCana near their lows. These were a big part of my oil and gas holdings. Since then the stocks have moved up. Is it too late to buy them back?
EnCana, $55, symbol ECA on Toronto (Shares outstanding: 750.1 million; Market cap: $41.3 billion), continues to suffer from weak natural gas prices, but the company should continue to benefit from its hedging contracts. EnCana has locked in the sale of about two-thirds of its expected natural-gas production through October at an average price of $9.13 U.S. per thousand cubic feet. That’s 137% more than today’s spot price of $3.86 U.S. This should keep EnCana’s cash flow strong, even if it takes a while for gas prices to recover. The company has great long-term asset value and growth potential. We see EnCana as a buy.
Canadian Natural Resources, $54.97, symbol CNQ on Toronto (Shares outstanding: 542 million; Market cap: $29.8 billion), is Canada’s second-largest independent oil-and-gas producer; only EnCana is larger. Canadian Natural’s product mix is about 57% oil and 43% natural gas. The stock trades at 4.8 times its forecast 2009 cash flow of $11.53 a share.
Canadian Natural Resources is not…
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