just 16 months ago on 10/01/2004, I'd bet this week's action was based on the impending sale of its pipeline assets, if and when the sale goes thru, a sizable cash div. could be in the offing...hmmm...so that's what the fuss is all about. I'm finding more and more interesting stuff on this co. with nearly $300m annual revs, there's a disconnect somewhere, but as of yet I'm not finding it. Informed comments are welcomed, notice I said "informed". TIA.
POCC never paid a cash dividend, that is what you get for using Yahoo to do research. That is the spin off of Rio Vista (RVEP) to the shareholders.
This company was run by a bunch of self serving execs (Jerome Richter and Richard Shore) and they ran RVEP essentially into the ground (can't fake cash distributions) so they essentially closed down shop, bailed out and left town. POCC still has a marketing biz which I doubt will ever be successful and RVEP, will soon be an operations-lite shell company.
POCC is simply being manipulated by traders. Look at ABLE, MXC, FUEL, NGAS etc.
Spin-off or whatever, the $1.13/sh distribution was real money, the question remains as to what will they do with the cash from the upcoming sale? The part that stood out was that some, if not most, will be used to increase shareholder value. The undeniable fact is that this co. is generating $300mil in annual revs, even if they were only selling "widgets", that's a huge number when you're only talking about a 30-something mil o/s share co. Their marketing biz happens to be refined oil-related products that's growing about 25% yr over yr, that's a nice number. Thanks for your input, but whichever way you value a co. like this, it certainly suggests a much higher mkt cap, probably 3-4x's current valuation for sure.