Not exactly sure, but I believe they may have gotten spooked by the massive amount of stock that JRS Properties, their largest shareholder, dumped last winter & early spring. After that sale JRS still owns about a fifth of the company so maybe they thought more stock would get dumped.
Also, the stock has not exactly been undervalued in recent months, IMO. It is trading right around where it ought to. The stock has not always been valued so appropriately, so maybe the guys with cheap options saw this as a good time to lock in some gains.
Why all the selling? The earnings reports have been good. Has it been the dry hole expenses? They have hit their projected production volume increases. Are prices forecasted to be down going forward? Thanks.
(All imho) Short-term... downward pressure, because of Nat-Gas injections continuing to exceed the 5 yr avg. due to warmer weather in the Midwest and Northeast. This should change as the dip in the jet stream moves East, but it will not show up in the weekly storage reports for maybe a couple of weeks.
If as we go forward the winter jet stream sets up, NG prices should start to increase as withdraws start to exceed injections. There�s a lot of new homes out there from the boom in the housing market and if manufacturing continues to pick up (big ?), I can see REM breaking out of the 17-19 range (as noted by nomoeblackouts) and moving up to 22+ in the next 2 mths. From there higher or lower depending on the severity of the winter in Jan-Mar.
Stock price for the next 3 months??. Thats an easy one,Same as its been doing fot he last 3 months- $17-$19,, $19-$17,, $17-$19 ect..ect..ect.. Your history predicts your future/same with this stock...