This will be brief as I am retyping it.
FPP was dumped with the rest of smallcap oil and is 50% off it's 52-week high. I felt that FPP missed the opportunity to increase EPS in anticipation of the recent "oil crisis" runup. Pyramid Oil (PDO) basically launched the runup on May 15th after reporting earnings of $.22-vs-$.02 a year prior. FPP reported on May 14th. Perhaps they were unwilling to anticipate the runup, sought more stability, or had less information. To me they seem like the same company. So PDO skyrocketed to around $40/share and FPP went to $7. Now PDO is back at $14 and FPP is at $3.50. I have confidence that FPP will make an a significant earnings adjustment upcoming.
PS - I would recommend copying any analysis before hitting save as I've lost writeups a few times.
$3.4201 (07/18/08)
