You understand they just had a spinoff here? I would not hold your breath for a merger anytime soon. That would be financial suicide.
if I was an institutional investor, I would have pushed for some board changes instead of just letting things continue.
I disagree about the buyback of shares. Let them cut the debt with an extra payment or refinance if they have some cash. They can also build up a cash reserve/rainy day fund. That is a more conservative and safer way to go. Buyers are going to come back on their own as NE stays a profitable company with small to no debt. This is going to happen on its own as long as they don't waste more money with some stupid move.
BTW, Who was the poster that "followed the charts" and waited until they got their buy-in price (at $30) and was so smug?
AND, Mr. P--even you must be feeling some heat now that we are all "going the wrong way".
Agreed. Feels different now. We've hit the bottom. I'm jealous of those who are buying now. Good luck to all.
Exxon can't drill for oil in Africa due to ebola.
There are no reports of ebola on drillships yet. Awesomeness!
Disagree. Increasing the dividend was a bad idea. Buying stock is a bad idea too. Take care of the company and the stock price will follow. Reduce debt, get contracts, keep downtime to nothing.
I keep looking forward to a hill that gets higher and higher. Weren't you one of those who said that wall street likes the spin-off and it will give us more shareholder value?
They were here years ago. They got sick of NE's management, saw the future and left to buy appl etc. I thought they were wrong because not everyone is going to keep buying new cell phones but everyone is going to buy gas for their cars--and that gas is going to keep going up in price. Duh.
Seriously? Even if you don't like what he has to say, he hasn't been wrong. Management has not made good decisions. Have you looked at the stock price? Take your head out of the sand.
Hwan has been right more than he has been wrong. Management has been wrong more than they have been right. The building program was too much. The downtime problems were too much. The dividend increase was too much. The spin-off is a joke. They could have socked away cash, had enough to break down their old rigs, and then buy some new ones from one of the other drillers for pennies on the dollar from other companies that over-built too. Heck, they could have bought another driller or merged with one as the bigger partner. The market went up and NE missed it. Then it went down and down we go. No way I'm going to give them a pass. They don't deserve it. This is a $60 stock trading for $19. It's not the end of the world but it isn't good either. If you make a few million a year, you can take some negative criticism--especially if it is deserved.
I'm seeing revenue of $612M based on last fleet report for the 3rd qtr. Not sure how that plays out in profits. We shall see. Another tease today. Green goes to red by the end of the day.
Skyrocketing? Did it hit 60, 50, or 40 yet? Nice to see green, but not that excited yet.
Fleet status report. If rig working all 90 days, 90xcontract price. If it was working 70, 60, or 30 days, take that number times it's contract price. 0 days = $0. Add em all up and I got 612M. Yours is a lot higher. I hope you are correct. I would like to know how you get the cost of operations. I don't see that in the fleet status reports..