This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bet on the Horse and the Jockey

ATP Oil and Gas (ATPG), once a market favorite, has been hit hard as oil prices have plummeted. The company has a market cap of $110 million, but debt of about $1.3 billion. However, over the last several months the company has announced asset monetization deals and most importantly, the deals have gone through. Proceeds have been used to pay down debt.

The company is still run by the founder and insiders own over 20% of the stock. Last week during a company presentation, the company announced that it was seeking out other initiatives to help maximize the value of the company's assets. Several days later, the company announced a $150 partnership deal with a unit of General Electric (GE).

Yesterday Mar. 2 , the company announced it had earned $3.34 per share in 2008. The company replaced 214% of its 2008 production, an impressive metric by any standard in the oil industry. The market can't seem to get over the debt, but the biggest portion, $1.04 billion, is not due until 2014. The company is in fine shape to meet all debt covenants for 2009.

Insiders haven't been selling at all and with 20% insider ownerships, the executives are behaving just as they should be -- like shareholders. Each share of stock today represents over seven barrels of proved and probable oil reserves.

Finally, Goldman Sachs (GS) has weathered the storm exceedingly well relative to peers. If we are going to blame the top brass at Citigroup (C) and Bank of America (BAC) for the disasters those banks are facing, then it's only fair to give Lloyd Blankenfien some credit for steering Goldman away from complete meltdown. It's been the only financial to raise outside capital from Warren Buffett.

While book value has been a trap for the financial industry, Goldman's appears more solid than the rest. Even though it is now a bank holding company, Goldman uses mark-to-market to value its holdings and the valuations currently applied reflect the grave fears in the marketplace today.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,289.82 +23.83 0.14%
S&P 500 2,011.00 -0.36 -0.02%
NASDAQ 4,571.0880 -22.3370 -0.49%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs