Wow, with the recent numbers presented today, I do not see why this stock is not nearer $30-$35 dollars. Now that the refinery work is complete margins should adjust strongly up and today's presentation shows it.
IMO, this company is value priced and is poised for a nice upside move. Average margins for Q4 will be much better than Q3 and I look for a substantial improvement in the variable dividend. At present, the Brent/WTI spread continues to run about $14/bbl +/- $1, which is much, much, better than Q3 and RIN prices have also moderated quite a bit from the prior quarter. In addition, the company collects local oil for about 1/3 of their production at a discount (couple of dollars) to WTI exchange prices. Also, they use a little over 20% of medium to heavy crudes that trade at significant discounts to WTI further helping margins. We'll see, but chances look very good that the next dividend will be substantially higher and the share price will respond accordingly. GL