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<<<I am short 34 February puts at $1.10 and will look to exit them on any runup in the next week. If not, I am happy to own NRGY at a net cost of $21.40.>>>oops.thanks for selling me those 22.50 puts!
Past dividend related plunges have been followed by swift recoveries. You have to go back to 2009 to see some of the more dramatic turn arounds.
If they cut dividend to .40 with PPS at $18.60 your still looking at 11% plus. Then figure in .70 coming in Feb. Just hard to get up the guts to buy more on days like this.