I have never invested in such a dead money stock in my 20+ years of investing and trading. It only slowy goes down and so does the divy. It's starting to look like it's time to abandon ship, only ones making money hear are the shorts and management with there unjustified wages with no end in sight, except that big $0. stock price which don't seem to be to far off. MANAGEMENT; pull your head out of that dark crevice.
It's tax loss selling. I think we'll see $2 or $3 and change before it bounces in the new year. Buy what appears to be the irrational panic selloffs. Approaching half of book value now. Great opportunity. Production is looking good and so is insider buying.
No offense sky_king.... But I Don't exactly follow the TAX LOSS ANGLE logic, or anything that looks like panic selling as yet.... It fits, just not totally... Unless holders made so much money in other positions that they just want to dump? It's just a bit difficult to go with, as the prime reason.. There's more reason to sell losers next year when tax rates change, than this year..
If your calling 3 the bottom, or a lobotomy down to 2 and change from here ------------ how does that explain the slap down action -- when there is in fact higher production, enough cash flow, and a company not in trouble -- so much as trouble with prices, governments US and Canada, and a whole lot of apparent buyer reluctance............... ??
Don't get me wrong, and I for one not looking to insult or raise anybodies frustrated anger..
Would take my losses and be done with it, NOW --- IF the current oil yields, proven reserves, or Management was selling 100,000+ shares in the last few weeks instead of buying............
Seems like they missed the lowest buy point like other long side investors.
Some have said the market can remain IRRATIONAL longer than most INVESTORS can remain SOLVENT.. Only thing I see:
There is quite simply more downward pressure than buying can defend against..
But --- being somewhat irrational at times myself; I cannot buy into the logic that there is any actual logic other than massive dark market shorting -- and the fear of a fiscal fiasco keeping buyers on the side lines..
LOL and respect to all others ..
Still laughing at that one frankconte
Until the company misses big time, it has to be a hold!
If the SEC is going to allow the milk machine owners to extract all the cream of every thing they can find the bottom in -- it's going to continue until ??
I am still wondering seriously if the selling is backed of real share borrowing of if phantom shares are being sold by machine shorts who claim they are only helping liquify the markets..
My attitude remains that this is a NEW COMPANY holding the residue resources of the old... Those open market buys by CEO and other INSIDERS -- seems real enough to me.
How many dead shares do you own? A couple hundred?
I agree with other poster, have you really checked out the transformation this company is going through? Do you have a clue?
Why has the BOD purchased so many shares? The CEO alone 70,000 in the open market..
Why? Does he believe the need for gas and oil going to vanish?
Be this a slow motion train wreck, or a slow motion first few seconds of a lift off ------- This is
a newly converted and merger-ed company, in a very flat energy demand market, doing fine...
Current investors getting 9% + to wait. Many other oil and energy related MLP, RTs, and Corps
in the same down trend zone..
As to price action, it sure does seem the machines are running this one. They sell, sell, sell
and then cover -- Being able to trade a hundred thousand shares a day even at penny rates makes the return worth the game.. It's just a sad situation that the regulators do not seem to have a
clue about hyper-manipulators who parasite the markets.
Hmm. You write this the 1st week in December on a stock that is hitting 52wk / all time lows. It would seem that the most expected scenario for stock price would be flat to down as year end tax loss selling prevails. If you bought at this level, at 9+ percent, you're getting a much better return than on the govt. bonds (esp. in a tax deferred account--i.e. pgh is qualified dividend & so does not have foreign tax withheld in some tax sheltered accounts (e.g. IRA).
Not saying that they can't lower dividend again or just remove it. Anyway--it would seem to be the worst time to sell this stock.
I emailed the company and asked them to hike the dividend in order to raise the stock price.
They said low natural gas prices were the reason the dividend was lower.
When I first started buying PGH at 14.75, many years ago, the price of oil was $ 47.00 and
the dividend yield was more like 14%. Harper screwed things up, but come on, this
If you've been investing for over 20 years and this is the most "dead money" stock you have ever seen, you are either the greatest investor of all time or a liar. My guess is that you're not the greatest investor of all time. The best time to get in is when a good company has been temporarily been beaten down and is obviously oversold. I believe this is the case with PGH and I have tripled up. I have over 30 years of investing experience but I'm sure I'm nowhere near as knowledgeable as you so I suggest you take your own advice and abandon ship. I'll stupidly stay the course, collect my dividends and wait for the share price to rise.
It looks to me like you (we) may have a very long wait for the share price to rise, like maybe never. Management seems to not give a crap one way or another as share price and divy has been steadly falling for several years. Here we now sit at $5. and not a word from management, not a hint, no action of any kind. This would be a great time to start a share buy back program, but no, management seems intent to ride it on down to $0. while paying themselves nice big fat sallaries all the way at our expense. As a U.S. investor, I say to h-ll with Canada, and #$%$ the queen!
whats your definition of temporary ? this stock was at 25.00 in 2006 and its 5.00 today. Pgh as a contarian play maybe, thats why I'm hanging around. Be warned, the free cash flow on this stock sucks! Also, the price of Ng can stay below 5.00 for a year or more, if we hit an econmic soft spot and oil drops, PGH would be taken lower, mayba alot lower.