October 27, 2007
SpeculatingStocks.com Stock Pick: CREDO Petroleum Corporation (CRED)
Stock Price: $9.94 (long-term)
CREDO Petroleum Corporation is an independent energy company headquartered in Denver, Colorado. The company is engaged in the exploration for and the acquisition, development and marketing of natural gas and crude oil in the Mid-Continent and Rocky Mountain regions.
CRED has increased revenue and profit each year between 2004 - 2006 and appears ready to do the same for 2007. Even more important, cash flow and shareholder's equity growth has been very strong.
CRED is at a solid bottom right now in its chart and solid fundamentally. As of July 31, CRED had approximately $13 million in cash and cash equivalents.
The company has approved a $1.0 million stock repurchase. There are currently 9.32 million shares outstanding and only 6.70 million in the float. This stock purchase commitment by the company shows their dedication to lowering the supply of shares.