Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Ogden Could Get Switched On


BusinessWeek Investor -- Inside Wall Street

Ogden Could Get Switched On

The new stripped-down Ogden (OG) is winning adherents. When Ogden announced in September that it was de-conglomerating to transform itself into a pure-play energy company, its stock took a dive--from 27 to 8 in barely two months. It has since rallied a bit, closing at 12 1/4 on Aug. 2. Some savvy investors think it may hit 20 this year. One of them is Jan Loeb of Wasserstein Perella, who rates the stock a "strong buy." He values the new Ogden at 17 times his 2001 earnings estimate of $1.20 a share. For 2000, he expects $1.05.

At Bear Stearns, Gary Schneider notes that Ogden is attracting such investors as Greenway Partners, with 13.8%, and Delafield Asset Management, with less than 5%. "Greenway isn't known to be a passive investor: It has a history of shaking up companies that do not perform," says Schneider. Ogden's new management, led by CEO Scott Mackin, has also been buying. Ogden's new focus on independent power projects, says Schneider, has the potential to propel the stock upward. For years, he notes, Ogden has been developing independent power projects such as waste-to-energy facilities.By Gene G. MarcialReturn to top

Return to top


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus