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ATP Oil and Gas: Unbelievably Inexpensive, If You Believe the Company's Story

Two weeks ago, I penned a commentary outlining why ATP Oil and Gas ( ATPG ) was a “screaming buy”. Since then, share prices have fallen 9.8%, a pretty dramatic drop. At its current $14.67 per share price, I went to the thesaurus to find a better adjective. One step up from “screaming” could be “ear-piercing”, or “shrill”, or “thunderous”. My choice is “Unbelievably inexpensive - if you believe the company's story”. Not much has changed from the production information outlined in the previous article. However, their financial picture has changed a bit, and based on your bias, is either to the betterment of shareholders or to their detriment. Management has stated on previous occasions this year that liquidity was such that no further equity raises were foreseen. 2011 operating cash flow (ocf) and cash in the bank totaling $300 million, augmented by $200 million of NPI rollovers, was sufficient to meet 2011 capital expenditure budgets. Then, last week, management announced a $172.5 million offering of an 8% convertible preferred stock with a $100 par, convertible at $22.00 (ATPGP.PK $91). At the same time, the company announced a covered call strategy whereby they positioned call options at $27.50 for both this issue and the previous convertible preferred issue of Sept 09. These calls cover approximately 14.1 million shares. The new preferred was sold at $91 per share, and after fees and the call spread strategy costs netted the company $123.5 million. The company also recently announced the closing of new NPI contracts. It seems to me that raising $123 million on the sale of 6.9 million shares equals net proceeds of $17.83/share inclusive of the call spread cost of a $1.88/share to implement, and would represent a 13% dilution. However, by instituting the call spread, both of the preferred issues won’t be dilutive to existing shareholders until the common rises to $27.50 – quite a ways off from here. Dividends on the new preferred shares will cost the company $13.6 million a year. The reasons for the need and timing of the equity raise may be just as complicated as the company's financial structure. Management has been plagued by the over-promise and under-deliver syndrome for the past few years.

NPIDS eDirectory – NPI Lookup (PDF Directory of US Healthcare ...

Www.npidataservices.com NPI Data Services (NPIDS) has made the US healthcare provider data available in the form of eDirectory in a very user-friendly searchable PDF format. Our NPIDS eDirectory is available state wise for all US states. Each eDirectory will contain both individual and organizational providers. The eDirectory has been designed with bookmarks and internal links so that providers are searchable quickly using Provider name, NPI and UPIN. The individual providers, organizations, NPI and UPINS are book marked separately.

New Frontiers in Artificial Intelligence

The algorithm for determining whether or not NPI any is licensed is as follows: First, look up the quantifier of the variable in question; ...

Network World

NPI lowballs Layer 3 switch pricing Company's versatile ASICs drop Layer 3 Ethernet switch prices by 30% to 40%. Network Peripherals' new switch line-up ...

Network World

Weyerhaeuser will use HP's OpenView for network management and look to both ... GRAPHIC BY SUSAN J. CHAMPENY NPI uses FDDI to bolster Ethernet switching hub ...

Network World

Citrix to provide remote access to Windows apps NPI, SynOptics lead ANSI ... " With a jukebox, you can only look at so many images at once," Zegart said. ...

What counts, focus and quantification

Since up to this point the scope account and the NPI account seem to fare equally well, we may want to look at other criteria to decide between them. ...

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