BULL OR DOG?

BDE.A

Added some BDE today. The company has very consistent growth profile in the past, strong management with proven record. The company just recently announced its guidance, therefore, risk of missing production in the coming quarter is pretty much eliminated. The company is traded on the slightly expensive side (4.8X CF, $50K/boe/d). But the market does reward consistency in production growth. The share will move up if it could delivery its production growth in 2005. Initial target $3.0 at the end of winter drilling season, which will generate close to 20% return. I have looked left and right, and it appears the only sector that is working now is energy stocks. Although I have taken some off the table, I am having a hard time not to add them.