Considering the position CLMT has gotten it'self in I think it's highly unlikely anyone is ready to piece up the pieces. At this point it's strictly sink or swim and no white knight is coming to rescue them.
"typically hold losers too long"? well, count me in on that one! I rarely allow myself to run a loss this long, however I have played CLMT many times over the years and figured this was no different. Never dreamed things were so bad they would cut the distribution to zero. More debt, plus the new bond offering with 11.5% interest makes me concerned real about future of the company. The only thing good about this is I got religious over this past couple weeks. With Fridays news I think I will end up a monk!!
I think it's really to prove 'insiders' were the sellers, but agree the selling this past week for sure is highly suspect that 'someone smelled this coming. I hope this will be that last blast of negative news out of CLMT. Sitting on 8,000 shares at $23.00, I am not all that sure how to play this out or if just too many holes in the boat to plug.
I find it interesting not two months ago this ran from $8 low to $14 when Brent was at $43-$44, and now on NO news it's selling off like BK coming. No news, nothing! Now in little over two weeks we will be on the EX date and the run up is going the other way. So depressing to see it getting hammered everyday. Just hope for some good news out of the home office sometime...
They sure not going in increase the distribution!! I am thinking they will hold to current number for rest of year. If things still suck for them, .50 would be on the table for sure. The price action has really been poor and just gets sellers into any blip on PPS. Have to pray earnings will have a few bright spots this time around but not holding my breath. For now the MOJO for CLMT is in the can. Painful.
Even insiders don't want to own this dog, why would you think it's a great buy after dropping from $65 in six months? They sure don't think so. This has always been a pump & dump stock because of it's small float that allowed games. This no better than the likes of other under water drillers. I pointed this out six months ago, look it up. "strong buy" from $140? How stupid is that?? Can't even read a chart either..
I predict the distribution stays the same .68.5, at least for the remaining 3 quarters. If markets don't get positive by then, perhaps no worst than .50 per quarter. By then hopefully we will see some positive results coming from fresh management.
As of March 8th, he's still in it at 21.5 mil shares. Highly doubt he has any interest to get out now and lock the loss it. Just not the way he thinks when he's on the wrong side of a position.
Clam seas, blue sky's ahead, captain announces free drinks for all.
Too many red flags, blinking red lights, to go jumping on this ship. Much better stock mmlp to put your money in than this loser. Even insiders hate it.
"I'm buying 50k more shares today"! I can see your a solid chart player.