If you listen to their last conference call they emphasize they need to pay down debt from an over leveraged position.Now because of a total lack of foresight they get to do it at $29 instead of $35!
Dead money until you realize that every major oil company (XOM,CVX,BP,etc) reported declining oil production for 2013. Although shallow water rigs are oversupplied this has nothing do do with ATW. It is one of the most undervalued stocks in the market!
This is what happens to a company that over promises and under-delivers! Also what happens when their is a lack of communication. Downgrades and institutional selling.They are now two years behind the expectations of just nine months ago. Mr Cohen should retire as company spokesperson and get someone will represent the facts.By the way they had to know several months ago of loss of a major contract and shut in problems they experienced at APL!
In one of the great bull markets of all time we now have APL back to where it was three years ago.Probably time for Mr Cohen to make another claim regarding how well we are doing!
Cooperman. is largest shareholder and founder of Omega Advisors.More responsible than any other person for putting APL on the map.Probably owns the stock at this juncture with a zero cost basis.His silence on the stock in recent public forums is telling!
33 months in this stock without making a dime during one of the great bull markets of all time! A prime example on management over promising and under delivering as Morgan Stanley and others have lowered numbers on three or four occasions. Over promotion will never carry the day!
Why would you believe in a bump. No one has a profit in this stock.All those holders bagged in the secondary are now tax loss sellers.Company failed to mention any addition hedging in its most recent presentation even in the face of $4.30 gas!