What market? No one wants these shares as is obvious from no sales for the past three days.
Latest report said company had not yet seen improvement in flows at producer wells but wells have not been opened for production for very long. Should Magellan report when they know for sure? I would think this is a material event one way or another.
That is about the size of it pennyvulture. mcrf52 has been watching this closely for years and I think he has pegged the PE about right. Were it not for the Antares mishap we might have gotten a 17-18 PE at the best and maybe 30 dollars a share. I am not sure I will hold my shares much longer as it may well take some time for the synergies of the merger to become more evident and to be reflected in share price.
Death by a thousand paper cuts is still death. This dribbling down in share price for the past couple of months is agonizing. Luckily I have one small stock (CYAN) which has returned to profitability and shareholders have been rewarded with a 55% gain in the past two weeks. Don't have enough of those shares to make up for Magellan however and I really have to ask if it is necessary to pay the top three guys over one million each per year AND reward them with large numbers of cheap options? How about keeping the options, cutting the pay in half and not raising pay unless performance and success merits it? I know this is a rant that will have no effect on those running the show but I suspect I am not the only actual shareholder who is nearing the end of the road regarding Magellan.
Could not agree more dv. Writing was on the wall when they could not find commercial liquids in sufficient quantity in Canada and when their erstwhile partner in the Mediterranean could not come up with the needed financing. I suppose I have to take some of the blame for taking a chance on these small outfits with big dreams but even then I expect some competency from the management.
I am puzzled, whether it be good or bad, as to why a company would ask for a halt with news pending and then not reveal the news during the day they asked for a halt.
My guess is that you would be right as much as I would like a positive announcement. There is just too much baggage attached to this one to expect anything other than what you posit.
The share price seems to be settling for the time being in this area. I hope it does not retreat much below 7 and then we get another good quarter to reinforce belief that we have turned the corner in a profitable direction.
You are a vile liar taffytaffty. Production is up but I said nothing about CO2 being successful as we do not yet know. Have no idea about the fate of offshore Australia or if we will drill more in the UK.
I am a long term investor so trade infrequently and to me a trade is a company held less than a year :-) But I think you have this pegged pretty well as to it being a good buying range and I would be a buyer for accumulation up to 8.
I do not think PDS will have trouble paying the dividend into the foreseeable future. In addition to having contracts in place they also are building the most efficient rigs for shale drilling which, I have read but cannot attest to the veracity, is still profitable in large shale areas to 50 dollars a barrel. Shale deposits seem to deplete much more rapidly so more drilling is necessary and that is where PDS has an advantage. I think the best land drillers have been marked down in price due to the fear of oil dropping further but those selling have not understood the value of these drillers. This is probably a good time to accumulate some shares but that is not a guarantee that the price will not go lower in the near term.
"Please don't sue"? I think that leaves lots of space between just and legal--hee hee! But I suppose that since you said please.....:-)
Read the 10-Q and am not surprised that they state the result of the CO2/EOR project has not yet shown (and in the end may not show) increased levels of oil production. I think they only opened the 4 producer wells about two weeks ago so time will tell. Any of us who own shares are aware of the risks involved. I will not be adding to my holdings without seeing progress but do not think it is yet time to throw in the towel.
Avi, I must thank you for pointing out why the revenue declined and also pointing out that the result of what they were doing may (or may not) result in increased production. No one should be surprised that declining oil prices have and will continue to have an effect on small producers. Normally, you would have posted your first and last statements only.