Atlas Energy Resources has its fingers in lots of oily pies. The company, through interests in nearly 100 firms, drills for and produces natural gas and oil in the Appalachian Basin, which is known for its high yields that require little or no processing. It has a nearly 100% success rate with its more than 6,410 wells on about 500,000 acres; half of the acreage is undeveloped. In 2006 Atlas Energy reported proved reserves of 170.9 billion cu. ft. of natural gas equivalent. The company was formed in 2006 to manage the natural gas and oil holdings of parent Atlas America, which retains an 81% interest in the company.
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posted
ATN is making a new 52 week high, someone must have liked the presentation at the Sixth Annual Master Limited Partnership Investor Conference on in New York, NY.
Today's PPS spike started around 11 AM, ATN was scheduled to start it's presentation at 10:50AM today.
A replay of the presentation will be available on the company's website (www.atlasenergyresources.com)until Monday, April 9, 2007.
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posted
ATN up over 1.00 so far today... still has potential for much higher over the next 3-9 months IMO.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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posted
ATN trading over 36/shr today on huge news!
DTE Energy Sells Antrim Shale to Atlas
Monday May 21, 7:00 am ET
DTE Energy Agrees to Sell Michigan Antrim Shale Properties to Atlas Energy for $1.23 Billion
NEW YORK (AP) -- Atlas Energy Resources LLC has agreed to buy DTE Energy Co.'s Michigan Antrim Shale gas exploration and production properties for nearly $1.23 billion, in a move to more than quadruple its proved reserve base and triple average net daily production.
The deal is expected to close on or about June 30, and was unanimously approved by Atlas Energy's board. The Antrim properties will continue to be led by current DTE Gas & Oil President Dick Redmond, with about 40 employees located in Traverse City, Mich.
Moon Township, Pa.-based Atlas is buying interests in about 2,150 natural gas wells producing from the Antrim Shale, located in Michigan's northern lower peninsula. Atlas, which owns stakes in more than 90 investment partnerships, mainly drills for and produces natural gas and oil in the Appalachian Basin, which is known for its high yields that require little or no processing.
"This acquisition is a transformative event for our company," said Edward E. Cohen, chairman and CEO of Atlas Energy. "We will more than quadruple Atlas Energy's proved reserve base to almost 800 Bcfe and triple our average net daily production to approximately 88 million cubic feet of natural gas equivalents. These assets will provide even greater stability to our company's existing reserve base and will enable us to materially increase our distributions to unitholders."
Atlas Energy said late Sunday it expects its cash distributions to common unitholders will total about 50 cents per quarter for the third and fourth quarters of 2007, and between $2.20 and $2.40 per common unit for fiscal 2008.
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IMO this is a STRONG BUY if it drops below 32/shr over the next 2 days.
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posted
Anyone in this one or am I going it alone? I've been in since the IPO. I sold a little at 30/shr and might sell a little more above 40/shr but the rest I am gonna hang on to for at least a few years.
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quote:(NYSE:ATN - News) ("Atlas Energy" or "the Company") today reported record adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA"), a non-GAAP measure, of $28.7 million for the second quarter 2007, as compared with $18.2 million in the second quarter 2006, an increase of $10.5 million, or approximately 58%, due primarily to an increase in natural gas drilling and well servicing activities, as well as higher realized natural gas prices compared to the prior year comparable quarter. Net income for the second quarter 2007 was $41.7 million, an increase of $29.1 million over the prior year comparable period, and includes the net effect of certain derivative gains and related expenses in the second quarter 2007 associated with hedges entered into in conjunction with the acquisition of DTE Gas & Oil Company ("DGO") from DTE Energy Company
(NYSE:DTE - News) ("DTE"). Excluding the non-cash derivative gain this quarter, revenues rose to a record level of $101.8 million, an increase of $38.2 million, or 60%, compared to the second quarter 2006. Appalachia average natural gas and oil production volumes were 28.4 million cubic feet equivalent ("Mmcfe") per day for the second quarter 2007, representing an increase of approximately 10% over the quarter ended March 31, 2007.
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posted
IMO, ATN is better to hold than it's parent company ATLS that has employee expenses, environmental liability, etc on it's books. With ATN you own the wells and the leases, with guaranteed gas transportation via APL, which holds pipeline construction and maintenance on it's books.
The company operates in Southwestern PA, near a major gas transportation pipeline that directly supplies most of the major cities in the Northeast US, and has plenty of drilled and undrilled leases.
With a dividend yield of 6.3% and a P/E (ttm) of 16.36, IMO this one is a buy around 34/shr. I believe it will hold the 200ma and long term is worth 50-60/shr. Yahoo finance gives a 1 year target of 48/shr.
The up and coming Marcellus Shale play will be the catalyst for this stock, and huge companies like Chesapeake Energy (CHK:NYSE) have already taken notice.
Of course, as always, DYODD.
NR.
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Atlas America, Inc. announced today that its Board of Directors has declared a cash dividend of $0.05 per share of common stock, payable on Tuesday, August 19, 2008, to shareholders of record on Wednesday, August 6, 2008. At present, ATN has been showing support around $35.47 and resistance in the $41.61 range. It is listed neutral with the $48.60 target price in six months. (http://www.stoxline.com/quote.php?symbol=atn)
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ATN earnings for the second quarter 2008 will be announced on Tuesday, August 5, 2008 after market hours. Investors and other interested parties can listen to the live webcast of its quarterly conference call on Wednesday, August 6, 2008, at 9:00 a.m. Eastern Time.
Also, if I am not mistaken, the Cash Dividend to be paid out on Aug 19th will force all ATN shorts to cover before Aug 6th.
Thanks for the post Chehtet.
NR.
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