From late 09 to mid 11, the preferred chart was almost a straight line betweein the 24 - 25 value. That was when gas was king and GMXR was pumping profits. This has been/will be a tough transitional road. The fact we have gone up 150% in 3 days is amazing. Lots of profit taking for a while and digesting of upcoming news on new wells/cleaning of existing will keep price churning. I couldn't pull the trigger at 16 with the 2000 I bought last week.... I think we are ok for a while in the 14-15 range.
Exactly right, for a long time the Preferreds were trading close to $24-$25, it probably won't happen overnight, but it seems the company has come through it's rough patch, with many credible reports that the company is trading WELL beneath book value and comfortably has the resources to pay the dividend.
After a few quarterly payments, I see the price creeping back to their face value, which even at $25 a share pays a 9.25% Dividend.