Holds 80% net profits interests in natural gas producing properties. Receives royalty income from the sale of natural gas. Now — the numbers.
The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.
Red columns mark years that ended in a loss.
At this burn rate the cash pile isn’t the pressing question — for now, time is on the company’s side.
Executives buying with their own money is usually read as confidence in the company’s future.
An investor who bought at the very peak is down 97% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
The company sells $38.1B a year; the problem isn’t sales — it’s costs running above that number.
Over the last 12 months, company executives reported 11 buys and 5 sells. Management buying with its own money is usually read as a good sign.
A loss of $13K against $38.1B in annual sales.
The stock sits at $0.09. Under exchange rules, stocks that stay below $1 for too long risk being removed from the market.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.