Are you looking to daytrade this stock? If so, then I don't know. I do know that for all of the weeks it was over 10 bucks, I wished for a chance to buy in the 8s again.
TNK's major concern has to be the debt. 500 million in assets, 350 in debt roughly. Thus I guess we are trading at 1.4x book value. What happens to book value if the value of the tankers plummets? What will happen to oil demand in the short term? How well suited is TNK to survive?
What is their daily cost of operation vs. their average charter rate and current spot rates (they are about 50/50 charter to spot).
I like TNK and I think they will do just fine. But no share price would shock me in this market. It could go to 4 or 5 in a couple of days. It could go to 15 in a big rally.
I agree. If a particular shareholder is extremely worried about the basic viability of the company, they should sell and re- deploy their assets elsewhere. I am like you. I believe TNK offers solid long term value.