C.K. Cooper & Company Lowers Petroleum Development Corp. to Short-Term Hold, Lowers 1998 Earnings Estimates to $0.42 From $0.52.IRVINE, Calif.--(BUSINESS WIRE)--Oct. 22, 1998--C.K. Cooper & Company Thursday released a 4 page research report on Petroleum Development Corp. (Nasdaq: PETD PETD Pulse Electro Thermal De-Icing PETD Post-Irradiation Examination Technology Development ). In this report, C.K. Cooper lowered its 1998 earnings estimates to $0.42 and downgraded its recommendation to Short-Term: Hold, Long-Term: Buy. C.K. Cooper & Company mentioned the performance of the Michigan operations as the basis for its downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. . "We have come to the realization that the projects in Michigan are taking longer to materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. . Furthermore, operating efficiencies in Michigan are yet to be recognized, and we believe that the company is experiencing shrinking profit margins as a result," commented Alex Montano. "The company continues to have a large cash cushion Cushion In the context of project financing, the extra amount of net cash flow remaining after expected debt service. cushion See call protection. as a result of its 1997 stock offering, but the benefits of this capital is not being recognized at this time. The full text of the report is available at http://www.Multextnet.com. For more information, contact: C.K. Cooper & Company 18500 Von Karman Avenue, Suite 560 Irvine, Calif. 92612 Telephone: 949/477-9300 Facsimile: 949/477-9211 E-Mail: research@ckcooper.com C.K. Cooper & Company is an investment banking boutique Boutique A small investment firm specializing in offering specific, but limited services to a select number of individuals. Notes: These investment firms are the alternatives to large financial supermarkets. They provide a highly personalized environment for investing. that specializes in the energy sector with an emphasis on exploration and production companies. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion