I learned long ago that some things make no sense when it comes to the stock market. PGH is one of those things. Insiders have invested in what I would consider a significant fashion at higher prices than we're seeing now. By my calculations, the company will generate enough free cash flow to cover the .04 dividend with .04 to spare each month even if the price of a barrel of oil drops to $70. The current yield is well over 10% before taxes. Some things just don't make sense. I thought it was tax loss selling last year, but now I think it's just programmed share dumping caused mainly by the oil/gas boom in the central U.S. I'm not going to bash management. Their plan seems logical and sound givent the current situation. I plan to add more at lower prices...why not. It costs very little. Barring something unforseen, I believe this is the most compelling valuation I know of right now.
Yesterdays sell off was a fund exiting it's position for whatever reason, maybe the GDP numbers had something to do with it. The biggest fly in the ointment for PGH is the spread to WTI, anything below 65.00 is below expectation.