Several more large buys of 40K shares each this morning that look like incremental purchases by a large fund. With oil reasonably stable in the mid 40's and demand on the rise, plus great returns and rosy 4Q report I'm surprised more large funds aren't buying in now.
I think the only type of buyer who buys like that is someone big enough not to care about the price paid thus the one time buy as opposed to incremental accumalation. Could also be an accumalation and it is just going to be big blocks at a time, like a institution buying.
“2008 was an exceptional year for Provident, despite a very challenging fourth quarter.” said Provident’s President and Chief Executive Officer, Tom Buchanan. “Provident generated record funds flow from operations of $655 million and achieved a payout ratio of 58 percent. Provident reduced its bank debt by $419 million last year, strengthening the balance sheet at a time when financial flexibility is essential.”
They reported today... Worse than analyst estimates.... But better than the market thought...
If so, someone's getting a hell of a deal.
I think it's more of a reaction to the annual report. The fact that this company still has a huge credit facility that they can borrow on if needed. They're very well cushioned for a recession.