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August 12, 2010 52-Week Low Wrap-Up: Mirant, Hudson City Bancorp, Northwest Pipe, PICO Holdings, Hercules Offshore, Southwestern Energy, Tejon Ranch

Patrick Goldin

Patrick Goldin

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Yesterday, 167companies' share price reached a new 52-week low. Of these companies, these are the ones that look interesting based on my initial research:

Mirant (MIR)

Mirant is an energy company that produces and sells electricity in the United States. The Company owns or leases 10,076 megawatts of net electric generating capacity in the Mid-Atlantic and Northeast regions and in California.

Hawaiian Holdings (HA)

Hawaiian Holdings is a holding company whose primary asset is the sole ownership of Hawaiian Airlines. Hawaiian is engaged in the scheduled air transportation of passengers and cargo amongst the Hawaiian Islands , between the Hawaiian Islands and certain cities in the Western United States , and between the Hawaiian Islands and the South Pacific, Australia and Asia. In addition, Hawaiian also operates various charter flights.

Hudson City Bancorp (HCBK)

Hudson City Bancorp serves as the holding company of its only subsidiary, Hudson City Savings Bank. The principal asset of Hudson City Bancorp is its investment in Hudson City Savings Bank. Hudson City Savings is a federally chartered stock savings bank. It conducts its operations out of its corporate offices in Paramus in Bergen County, New Jersey and through 131 branches in the New York metropolitan area.

I.D. Systems (IDSY)

I.D. Systems develops, markets and sells wireless solutions for managing and securing enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles.

Northwest Pipe (NWPX)

Northwest Pipe manufactures pipes and tubes. The company's water transmission segment manufactures and markets large diameter, high pressure welded steel pipes used primarily for water transmission and treatment in North America. The tubular products segment manufactures electric resistant welded steel pipes for use in construction, agricultural, and industrial applications. The company also manufactures traffic signpost products and propane tanks. The company has not been able to file its two most recent required reports due to an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices. The last report it filed was on August 7, 2009. Northwest's CEO resigned on April 2, 2010 and the company’s President has assumed the role.

This is all evidence that points to serious mistakes, real fraud, negligence, ineffectiveness, or all of the above. Given all the above, the current share price may represent an excellent opportunity for purchase given the potential for forced or irrational selling due to the company’s inability to timely file its required reports.

Since investors have not seen a balance sheet or income statement for slightly over nine months, there is a large amount of uncertainty surrounding the value and the company and therefore the company should be valued by tangible book value or on a liquidation value. From their balance sheet as of June 30, 2009, the tangible book value per share is $29.4

PICO Holdings (PICO)

PICO Holdings is a diversified holding company. The Company operates in four business segments: water resource and water storage operations, real estate operations, insurance operations in run off, and corporate. The Company’s subsidiaries include Vidler Water Company, UCP Nevada Land and Resource Company, Physicians Insurance Company of Ohio and Citation Insurance Company.

Hercules Offshore (HERO)

Hercules Offshore provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally. It provides these services to national oil and gas companies, major integrated energy companies, and independent oil and natural gas operators. As of February 24, 2010, the Company owned a fleet of 30 jackup rigs, 17 barge rigs, three submersible rigs, one platform rig, a fleet of marine support vessels and 60 liftboat vessels.

Southwestern Energy (SWN)

Southwestern Energy is an independent energy company engaged in natural gas and crude oil exploration, development and production. The Company also focuses on creating and capturing additional value through its natural gas gathering and marketing businesses, which it refers to as Midstream Services. Southwestern Energy’s operations are primarily focused on the Fayetteville Shale, an unconventional reservoir located in the Arkoma Basin in Arkansas. It also conducts conventional operations in the Arkoma Basin where it focuses on Atokan-age gas reservoirs. In addition to its Arkansas operations, it conducts both conventional and unconventional operations in East Texas primarily focusing on the Cotton Valley, James Lime, Pettet, Haynesville Shale and Middle Bossier formations. It also holds an acreage position in northeastern Pennsylvania.

Tejon Ranch (TRC)

Tejon Ranch is a diversified real estate development and agribusiness company. The Company’s operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, grazing leases, income portfolio management, and farming. Its prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield.

About the author:

Patrick Goldin
Patrick Goldin is the General Partner of the Alain Value Fund LP, a limited partnership exercising a value-focused and bottom-up securities approach. In addition to his duties as general partner, he is a student in high school. He can be reached at patrick.goldin@alainvaluefund.com

Rating: 2.8/5 (9 votes)

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