ONGC swamped with offers for hiring deep sea rigs, expects charter rates to come down
Article from Economic Times ET Energyworld online news.
Some good info, nothing that new, from an Indian perspective. Tough competition for VTG there.
Which is when the dust usually settles. Probably not a lot of margin calls, but probably some shorts trying to keep this down, and cover. At least those that aren't reading total bankruptcy for VTG. I'm thinking this will pull back out, so I'll be looking to average down a bit more, and be patient for the ride back up, though probably not as high as originally expected. Still, it could easily be a 10-bagger from a nickel just on the other 39% of the backlog.
I think there's a daily limit on the buyback program, 25% of avg. volume for 4 weeks. So, they definitely could do 200k units, but doubtful on 500k units.
I bought a few at 7.68 on the way down, and again at 7.38, doubling down my stake. Hope the cost-averaging works. For me, definitely a mid- to long-term hold.
Sentiment: Strong Buy
So, we could see approx. 1.3 million shares a day being converted from debt, about 17% of avg. daily volume. All in all, as noted, less than 3% of market cap, so not a big dilution.
No doubt, they'd like to get those shares as cheap as possible, so looking for some more bear raids, and a general downward trend over the next 10 days, as the shorts scream "dilution" and "death spirals". I'm freeing up dry powder from today to begin buying in about a week.
Sentiment: Strong Buy
Any EVEP old timers have thoughts on whether they might issue a special? I'm thinking with the huge (100%) profit on the UEO sale, wouldn't they like to share some with the unit holders? :-P
Had a lowball order in a couple days ago, missed it, and may have to chase this on Monday.
Had an old GTC order from back in April's runup for half of my position fill on me a couple days ago. Didn't expect the sharp move up, and wasn't able to get online to cancel it. :-( A relatively small profit on that portion considering where it looks like it wants to head. Holding onto the other half for a while here. ;-)
Trade was cancelled. Bet that somebody fat-fingered and missed the first digit, and got their broker to cancel it. Seems like it scared a long or two, and some shares dumped in the low 17's. Never a dull moment with SUPN. :-P
Picked up some more at .21, but didn't expect the drop to the teens, or I'd have put in another order. A little movement back up in AH, but little volume. Next few days will be interesting.
VTG has also paid down over $300 million in debt in the last 18 months, much of it early, and continued to do so this quarter. Makes me think they're in a stronger position than HERO, who has proposed a rather nasty restructuring, at least for stockholders.
From your lips to . . . the MMs ears. Got another buy order a couple more pennies down, just to average down a bit more if it goes there, but I'm hoping the pre-weekend short fest is done.
Only 47,700 shares traded after hours, hardly $10k value total. But, I feel your pain. I bought 10k shares every .02 down from .28 to the close. Now hoping we've really hit bottom, and the bounce back up begins on Monday.
Looking at the bid/ask in AH, and where that trade (and another at 17.03 for 500 shares) came in, I'd tend to think that was a settlement (or make-good) of a trade during the day. Otherwise it's stayed at or over 18 through AH.
Not saying that we might not have a pull back from this frothy level in the next few days. Frankly, was expecting one today going into the weekend, but was pleasantly surprised. The new price target of $30 sure helped.
Specialists may want to keep it between 25 and 26, perhaps closer to 26, but there's so little open interest, most of it out of the money anyway, it's hard to see opex as more of a factor in the movement than it going ex-div. today.