No doubt averts chapter 11 but dilutes current holders. A lot of their problems stem from the bad acquisition they made last year. I think they will eventually have to be part of a bigger company.
The spread between coke and pot. There seems to be no rhyme or reason to figure out the spread between nymex and brent crude which some people rely on. The big oil companies still set the pump price and the small refiners have to go along.
There was a write up on PGN today which may account for the volume increase. It was fairly positive about the company's cash flow and its ability to withstand several years of reduced activity in the drilling business.It also indicated that the timing of the spin-off was a factor in the stock's performance and that there has been a lot of institutional activity in the stock. Worth a read if you have any interest in the company.
During the last few years we have had a great market for tech stocks and these guys have done nothing. what will happen when the market tanks. I think they should consider liquidating and give the stockholders something back.
The only reason they probably won't short it is because there is so little left on the downside and it might be hard to borrow the stock.
A little over a month ago I paid $2.25 a gallon for regular gas. Yesterday I paid $3.65 a gallon for the same grade and brand. I don't think oil prices have gone up as much. Someone is making a lot of money. Could it be the refiners?
The best thing they did was sell the U.S, properties before the price of oil dropped so much. At least they have some cash to work with. Hope they can make a good purchase in Canada and position themselves for recovery.
I would have thought they would have made an announcement about cutting back their drilling operations by now. I guess they are a screwed up bunch without a CEO or any plans for the future. I would hope someone would be willing to pay a little more to take them over by now but it looks like no one cares.
The market seems spooked by anything that is related to energy. Actually there was a report that fertilizer prices have gone up recently so they should be doing better. Stock looks cheap in here but who knows when it will reflect the improving fundamentals.