Anytime insiders buy their own stock, it normally means the shares are undervalued and, who would know better than a director or board member. When $124.7 thousand was invested by Stephen C. Beasley, Director at BPZ Resources, Inc. (NYSE: BPZ), investors took notice. BPZ Energy makes up 1.20% of the SPDR S&P Oil & Gas Exploration & Production ETF (AMEX: XOP) and is set to start the 2nd half of 2012 at $2.53 after gaining 8.12% on volume of 1,264,654 shares on Friday.
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BPZ Stock Chart
Market Cap: 292.25M
Price/Sales (ttm): 1.91
Price/Book (mrq): 1.38
(Apr 26, 2012): 4.64
(Aug 9, 2011): 2.07
Avg Vol (3 month): 2,049,590
Avg Vol (10 day): 1,613,490
Shares Outstanding: 115.51M
% Held by Insiders: 10.06%
% Held by Institutions: 59.30%
(as of Jun 15, 2012): 24.93M
For the quarter ended March 31, 2012, the Company had assets worth $92.65 million, 32.90 million of which was cash, long term debt obligations of 232.99 million, and an accumulated deficit of 362.08 million. Revenue for the quarter was $36.48 million compared to $37.72 million the same period the year before. There was a net operating loss of $18.93 million compared to operating income of 290 thousand the same period the year before. The loss is directly attributable to an $18.03 million increase in Geological, geophysical and engineering expense compared to same period in 2011.
BPZ stock price is currently -3.81% below its 50-day moving average of $2.63, -22.69% below its 200-day moving average of $3.27, -45.47% below its 52-week high of $4.64 and 22.22% above its 52-week low of $2.07.
BPZ Energy, which trades as BPZ Resources, Inc. on the NYSE and Bolsa de Valores in Lima, Peru has license contracts for oil and gas exploration and production covering approximately 2.2 million gross acres in four properties in northwest Peru. As of March 31st, the Company had developed 9 wholly- or partially-owned wells in the Corvina field and 4 wells in the Albacora field. Of these wells, 8 wells were producing oil, 3 wells were producing oil intermittently, 1 well was being used for gas injection and the remaining well was being used for water reinjection.
About BPZ Stock
BPZ Resources, Inc., is a Texas corporation, is based in Houston, Texas with offices in Lima, Peru and Quito, Ecuador. The Company is focused on the exploration, development and production of oil and natural gas in Peru, and to a lesser extent, Ecuador. The Company also intends to utilize part of its planned future natural gas production as a supply source for the complementary development of a gas-fired power generation facility which is expected to be wholly- or partially-owned by the Company.
To view the SEC filings for BPZ, click here.
Bottom Line: NYSE penny stocks rarely will ever give you the “pop” you get on the OTC. However, when a penny stock like BPZ is undervalued and insideres are dropping $100k on the shares, investors who take too long to realize will miss the boat. BPZ should be an instant add for anyone who can lock up cash for a month plus. The stock has had 3 rallies in 2012 and this is surely #4.
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