Hi Pat: I have continued to hold Lightstream Resources hoping for some sort of turnaround, but the stock keeps tanking. Should I hang on or exit? Kind regards.
Lightstream Resources, $5.58, symbol LTS on Toronto (Shares outstanding: 199.8 million; Market cap: $1.1 billion; www.lightstreamresources.com), is a Canadian oil and natural gas exploration, development and production company focused on the Bakken and Cardium shale regions.
Lightstream is a combination of TriStar Oil & Gas and the Canadian division of Petrobank Energy and Resource Ltd.
In November 2013, the company announced its 2014 capital budget and measures to improve its financial flexibility. These moves included a 50% dividend cut and a plan to sell non-essential assets that could generate $600 million of proceeds over the next two years.
This year, the company plans to spend $525 million to $575 million to expand and develop its current operations. That’s the lowest-ever figure for Lightstream. It’s also down 25% from 2013 and 42% from 2012.
In the three months ended December 31, 2013, Lightstream’s revenue fell 3.0%, to $287.7 million from $296.6 million a year earlier. Cash flow per share declined 17.0%, to $0.73 from $0.88.
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