Picksthatmove.com provides investment opinion on Chesapeake Energy Corporation, RAM Energy Resources Inc., Delta Petroleum Corp. and Tengasco, Inc.
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According to a survey conducted by Bloomberg, Bloomberg news reports that we may see natural gas futures rise in the next week as prices at their lowest levels in six months attract buyers who are counting on a demand rebound as the economy recovers.
The survey results show that 8 out of 20 analysts (40%) expect gas futures on the New York Mercantile Exchange to advance through April 1 and 6 out of 30 analysts (30%) said gas will fall and six others stipulate that there will be little change in price.
Reports show that initial jobless claims fell to the lowest level in six weeks and first time jobless applications dropped as well to 442,000 by 14,000, with lower than anticipated numbers.
For a third month, orders for durable goods rose in February which could be a good indicator that manufacturing may lead the economic recovery.
Natural gas traded at $3.98, up 0.07 cents or 1.66%
Chesapeake Energy Corporation (NYSE: CHK), traded today between 22.84 and 23.50 sitting at a 52 week-high of 30.00 from last October. Chesapeake’s main focus is the production of natural gas. CHK has interest in approximately 44,100 natural gas and oil wells which produce approximately 2.4 billion cubic feet equivalent per day, with 93% of that being natural gas. CHK works on discovering, acquiring and developing conventional and unconventional natural gas reserves onshore in the United States. Shares of CHK closed up 1.01% at 23.44.
RAM Energy Resources, Inc. (NASDAQ: RAME) is an oil and natural gas company with its working objective on the acquisition, development, exploitation, exploration and production of oil and natural gas properties in the U.S. RAME works in locations with long history of oil and natural gas properties. RAME completed over 24 acquisitions for a combined purchase price over $735 million. RAM Energy reported on their fourth quarter and year end results for 2009 citing a recorded loss of $12.6 million for the fourth quarter. For the same quarter of 2008 RAM Energy reported a loss of $152.1 million. Shares of RAME closed at 1.40, after trading the day in the range of 1.38 to 1.44 with its 52 week-high sitting @ 2.44. RAM Energy will hold their AGM on May 3, 2010.
Delta Petroleum Corp. (NASDAQ: DPTR), closed at 1.42, down 2.74% trading between 1.40 and 1.48 during the day. Delta Petroleum operates as an independent oil and gas company focusing on the exploration, development and sale of natural gas and crude oil. Delta Petroleum mainly operates in the Rocky Mountains and the onshore Gulf Coast Regions. Delta Petroleum announced that it entered into a non-binding Letter of Intent with Opon Interational LLC to sell 37.5% of non-operated working interest in the Company’s Vega Area assets for approximate $400 million. Delta expects that $225 million of that will be applied towards the development of the Vega Area over a period of three years with the remainder going towards its balance sheet obligations and general working capital purposes.
Tengasco, Inc. (AMEX: TGC) is primarily focused on the exploration and production of oil and natural gas in Kansas and Tennessee. During 2008 properties in Kansas produced an average 19,623 barrels of oil per month. In 2008 TGC sold an average of 215 thousand cubic feet of natural gas per day and 533 barrels of oil per month from 19 producing gas wells and four producing oil wells in Tennessee. Shares of TGC traded in the range of 0.49 to 0.55 closing at 0.50, down 1.96%.
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