It will be interesting to see which way this goes today. Will the shorts jump on the fact that we have an oil company here that can't seem to make a net profit or will the longs be happy that the 10% div was not cut.
From what I read nothing really new was brought to light in the report and everything being equal this stock is cheap. If the Div is going to be cut in the first half of 2013 it should have been done or mentioned with this earning report. So I'm going to assume that management currently has no plans to the cut the DIV over the next few qtr's and if that's true then the current share price should be supported.
Either way there could be some funny swings in the price over the next few trading days.
Historically, PWE (and the rest of the old Canroys, to my knowledge) never give advance guidance about cutting the div. They simply cut it when they announced that quarter's payment. Of course, it's much too late for the shareholder as you're stuck with the gap down. I guess I can understand people thinking this one is "cheap", but history shows that it is anything but. It has been nothing but a downhill slide from $38, with div cut after div cut. Nothing has changed, it will continue. I stand by my prediction of at least a 25% div cut between now and summer. When that happens, it will again gap down to 8+change to accommodate the risky yield.