Hi Pat. A friend of mine has recommended Cobra Oil and Gas Co. (CGCA) saying his broker has a target price of more than $10.00 on this penny stock. What is your opinion?
Cobra Oil & Gas Company, $0.46, symbol CGCA on the Nasdaq bulletin board (Shares outstanding: 76.9 million; Market cap: $35.4 million), aims to explore for oil and natural gas in Utah and Montana. The company began trading in at $0.50 a share in May 2008.
In Utah, Cobra’s main assets are a 40% interest in oil-sands leases in Uintah County. These consist of 33,632 acres, plus a 37.5% interest in roughly 640 acres with oil and gas drilling rights. The company also has a 100% interest in 82,000 acres in the Williston Basin of Valley County, Montana. No drilling activity has yet commenced on the properties.
Cobra’s $34.6-million market cap reflects considerable future exploration and production success. That success is far from certain. We don’t have confidence in Cobra Oil & Gas Company, and we don’t recommend the shares.
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Companies that trade on the U.S. over-the-counter market are said to trade on the “pink sheets,” a holdover from the days when…
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