Goodrich. In addition to Apache Corporation (NYSE:APA), the billionaire was buying Goodrich Petroleum Corporation (NYSE:GDP) between January and March of this year. Goodrich Petroleum Corporation (NYSE:GDP)'s market cap is only about $480 million, but on average 1.2 million shares of the stock are traded per day. Like Apache, it is an exploration and production company; its acreage is primarily in the Texas-Louisiana region in onshore shale plays. We'd note that Goodrich Petroleum Corporation (NYSE:GDP) has been recording operating losses in the past several quarters, and in fact has been missing estimates in the process as well.
Contra to Pickens, we think that oilfield services is an interesting industry at this time, and National Oilwell Varco seems to be a good place to start looking for value in that area. Refiners- including Valero Energy Corporation (NYSE:VLO) as well as its peers- also look to be priced attractively even after their run-up in price. As for the oilman's E&P picks, Goodrich seems a bit dependent on a turnaround for our liking. Apache Corporation (NYSE:APA) is certainly better positioned, and if the company can match the trajectory analysts are looking for it would turn out to be a good value, but we aren't sure it's necessarily a better buy than the majors.
Disclosure: I own no shares of any stocks mentioned in this article.