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Abraxas Petroleum Corp. Message Board

  • berrygeorge51 berrygeorge51 Jun 13, 2011 3:56 PM Flag

    What price to cover ?

    I have bought and sold several thousand shares of Abraxas in the last month and thankfully I am ahead overall. The last time, (after expenses) I had a chance to break even and took it which turned out to be a good move because it has gone down quite a bit since then. Currently I own no positions but follow the stock every day.

    The only thing that really bothers me about this stock is that it has a .41 cent book value. However I don't think the company will go BK soon or ever for that matter but I still don't like the valuation because it will keep others from buying it.

    Here is my question to the shorts. At what price would you cover and take the money and run. ? At the 52 week low ?

    Since your departure would be my "buy in point" I am interested in what you have to say. Surely no one out there thinks it would go BK soon.

    I think if it ever hit it's 52 week low it would be an awesome buy in point. Does anyone think it would go below 2.50 at this point.?
    or even 2.99 ? I realize that if we have a double dip recession and the DOW heads back to 8 or 9,000 anything is possible but what do you think if the matkets stays in a sideways motion. (around 12,000) ?

    What do you think ?

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