Not Your Average Energy PlayJeffrey M. Laderman
Investors who have bet on higher natural-gas prices have been sorely disappointed. Spot prices surged over $3 per thousand cubic feet (MCF) last winter, but now, even with the cold weather approaching, they're down to $1.70, and shares of companies tied to the natural gas industry have tumbled. Tidewater is no exception. At 215/8, the Big Board issue is down 15% from a year ago. But money manager Michael A. Steinberg says the slump is an opportunity for a potentially big payoff--a $50 stock within three years.
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