Thanks Fubar. Now we know why PGN tanked today along with nearly all other oil stocks. These analysts, who by the way don't know anymore than any of us, seem to run oil stocks up and down at will by issuing reports and that is exactly what happened today and that is also why crude prices tanked as well.
Could someone try to be helpful and answer my question. I simply can't find anything out there to explain why oil stocks are down. I see that crude is down around 1% but heck that is nothing these days. Is it that market is anticipating another leg down in crude prices? If so what is it based on?
anyone? US warships heading towards Yemen should boost oil shares not tank them?
No No No ; You are so wrong. If their latest earnings from last quarter of 2014, while oil prices were already down , is any indications their revenues for the future should be just fine. Even if revenues were to go down it would be only fractionally but definitely not "cut in half". The current share price does not reflect what "wall Street says" but rather mostly based on manipulation, rumor mongering by shorts, and misunderstanding of their business and management. This company will be just fine and will thrive on due time.
Paragon revenues currently nearly $2 BILLION a year with market cap only $106 million.
Low volume today; it does not count at all let alone "fund mangers" being involved. If you notice it is been having high volumes on up days but low volume on down days. This is usually a good indication that the stock is warming up for a big jump higher. Today's volume barely 50% daily ave.
"On August 4th, Noble Corp plc (NE - Get Report) completed the spin-off of its standard specification offshore rig business into an independent, publicly traded company called Paragon Offshore plc (PGN). Noble distributed one share of Paragon Offshore for each three shares."
Sentiment: Strong Buy
The loss in fiscal 2015 second quarter was a whopping $376.7 million compared to an income of $7.6 for fiscal 2014 second quarter.
Note this huge $376.7 million loss was just in a single quaeter and on the top of $3.84 BILLION in debt company already had;
If this does not smell BK I don't know what does!!!!
Sentiment: Strong Sell