An energy company engaged in the exploration of and the acquisition, development, and production of crude oil and natural gas primarily along the Texas Gulf Coast, in the Permian Basin of western Texas and in Wyoming.
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I've researched this company in depth. Although positves seem to surround the stock now postives have surrounded it in the past with little reward to investors. The CEO Robert Watson seems to lack respect among more experienced investors as is obvious on conference calls. The company has been around for nearly 30 years and has sputtered during the energy boom of recent years and stock price is well down from all-time highs. It seems most other smaller independent O&G companies have seen exceptional stock performances in recent years, but not ABP. Consider an O&G producer around for that long with a stock price at current levels/
There is no gaurantees this company will ever be able to do anything with the current CEO. What some investors don't seem understand is that the formation of the recent MLP was literally a bail out as this company was surely headed toward the nasty B-word. What is to stop it from happening again?? Hopefully the MLP.
Conclusion is the same problems that brought this company to the point that it needed an MLP bail out are the same problems that will continue to manifest unless the CEO that has been doing the decision making the past 30 years is outed. That could now happen with the MLP formation. Robert Watson needs to go. With him gone this stock could do ok, until then more of the same.
At time of this post stock price is $4.60 up handsomely in a month. Based on pattern of past 2 years a sell off is expect as investors have not seen long term potential in the stock.
Note, low P/E is based on one-time gain. Last two years operating earnings are minimal.
definitely seems problem is at the top like it was at Edge Petrl, TXCO, Meridian Resrcs--all now bankrupt (out of my portfolio). how can you go broke owning oil (and gas) wells ? sadly, i got in about $7 a few yrs back and have watched AXAS just dive from there. small co s/h/b able to jump to $10 on just average news with the huge % gains in production and income, if they had made any. just hope Bakken oil saves them.
Id venture to say, anyone buying it right now are not doing so because they like the present management, but for the potential of it being bought out in the future by someone who could make money with it like Conoco or Phillips f'rinstance.