They are spending an awful lot of money on a rig that will most likely be blocked from drilling by obama.
They're scared to death that it will actually find oil.
I'm aware that oil is still used for heat in some homes primarily in the east, what amazes me is how people always assume that what they are experiencing is the norm, it's always cold somewhere and warm somewhere else. Oil prices are influenced by worldwide conditions(with local oversupply considerations). Typically oil consumption drops in the winter months by the way(less driving/traveling), so in reality a long cold winter would weaken oil prices.
I didn't get charged but some shares I bought on tuesday are showing up with some weird cuspid, so it looks like I have two separate holdings. Hopefully they'll straighten things out.
Patience mboy, I would be shocked if somehow they skipped the div, hopefully they will pay it a month late(maybe increase it) and then get back on schedule for the next one. And I do agree with you that they should make an announcement.
Oh yea, we read it, good news for noble...noble drilling that is, that's a different company from noble corp(this board). People make that mistake all the time.
Wow, some of you guys are talking about a $70 or $80 price, I'd like to see it hold 40 and would be doing backflips at 45!
Well, I know a lot of people around here #$%$ when they said they're going to build all these new rigs...oh my god all that debt etc, well, what should he do, not build anything and keep peddling those jackups to pemex? Damned if you do, damned if you dont. I'm not in love with the guy, in fact I think he is basically irrelevant, as are the ceo's of transocean etc.
I think sometime in the next few months(certainly by spring) this stock should move up to the low 40's at least, and if it does I'll be feeling good, but lets be honest that's only 15% from here, this crazy QE driven market my be up that much by then.
I'm frustrated as well, but the sad fact is that we(and ceo's) cant control the market. The fact that all this good news (higher earnings, higher estimates, proposed split off, doubling of the dividend) seems to be drowned out by this modest dip in oil prices irritating as hell. However, finding scapegoats is not the answer, patience is. I recently moved out of a stock with a falling outlook and it just put up terrible numbers and a weak outlook...and now it;s rising and I'm left shaking my head.
IMO ceo's are not the gods that the industry talking heads think they are, and blaming them or heaping praise upon them is a mistake, but that's my opinion.
A couple months back they were going to make 20c this qtr, now they announce a 25 -30 cent loss and the stock rises, kinda fishy, maybe short covering, I really dont know, but next years estimates are down again so I dont see whats to get excited about.
Earnings are way down(almost nonexistent), and future estimates are way down. If and when this changes the stock will move.