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.
Looks like that post-divi pullback already happened, on Feb. 23. Now, we're moving with the surge in all refiners, as they were the flavor of the week. A little bit of sour grapes here because I set my buys a little low on this, NTI and CVRR in the last 2 weeks. :-P
6 months out would be August 27, which, last time I checked, is in the 3Q2015.
The rigs may be old, but they've still got about 17 years life in them. Also, they're rated for North Sea work, which not all the new/recent builds are. Once they get the BOPs installed, they'll be as up to date as those new builds, but AWLCF got into them for a whole lot less, perhaps less than half of a new build cost. I still think they will weather this market slump, especially as there's not as much competition for the abandonment work they do.
Down nearly 12% right now.
As I recall, WilHunter is contracted by Hess through Nov. 2015. Gives them 9 months to find another contract, and they could always go into the yard early for the 2 month BOP/maintenance work.
I'm putting in some sub-10 buy orders, and going to sleep. We'll see where this opens in the morning.
I see. You're looking in the rear view mirror, at trailing twelve months (ttm). Good luck.
I don't think that CVRR is going to resume paying 96-98 cents distribution, as they did a few quarters ago. If you want to see other places to get 15.5% or greater, use the Yahoo stock screener, or any other one. Should bring up quite a few oil producers, trusts and drillers, MREITs, and other high payers. I like the oil-related ones, looking through the front windshield.
With the recent reduction in the distribution, at yesterday's clsoing price, it's a little less than 8%. And yes, at 8%, even at 15.5%, there are a lot of other places to get that kind of distribution/dividend.
At this point, looks like shorting through the divvy was a better trade. :-(
Watching for point to buy back in.
Been over 13 most of the morning. Might have missed that buying opp, didn't hit my lowball bid, and I was in meetings all day Friday. Will watch it today, and try to grab a few.
If oil (and NG) prices move favorably upwards, I, too, think we could be back in double digits fairly soon. Will be looking to buy back in after the divvy.
I sure left a lot of money on the table this go-round. Never expected it to keep running this much! I had gotten out with an over 20% gain, and was trying not to be a pig about it. Would have gotten another 13% out of it. Oh well, there's always next run-up. :-)
I took the PR to read that SDRL management sees high enough risk of PBR defaulting on the extensions of the current contracts, and thus has removed them from its order book.
Looks like we got a buying opportunity. Nice that the PBR overhang (not too much unlike a PBR hangover) is finally cleared, and we're back to a more reasonable $19 billion backlog of orders.