In my twenty years of trading, I have never seen sentiment as negative as it is currently on PTEN, and NBR.This is truly one for the ages - PTEN is now trading at 7x this year's estimates. NG is up today , crude is up today, and these still can't catch a bid
You're right, this is insane. NBR's intrinsic value today is around $85.00/Share. This doesn't make sense at all.
maybe stocks are telling you the commodity is heading lower?
NG is down 18% in the last 8 sessions, at the very least, it is very oversold, and due for a bounce.SLB,BHI,WFT and the other stocks that are rallying are also affected by the price of NG.Not to the extent, of the contract drillers, but it is important