I mentioned this months ago and no one believed me. Basically what I said was if oil drops to $95 BTE will
get hammered and I was met with derision. Aren't we glad we sold this around $9 now? If oil goes to $96 this will be sub $6, if recession fears persist I am not sure it will be a buy yet even though it's sub $7 now.
Wolf's numbers and projections have gone cold, notice that? I still think next summer 2023 will be good for the stock but it's possible this recession lingers all of 2022 into 2023. Earnings are released on July 27th but interest rates will go up that day and evertime that happens the stock is hammered. $800 million in debt during an interest rate environment sill
not be rewarded in my opinion.
All the price targets and upgrades will be overshadowed by the current environment. If you don't believe me just use your own eyes. BTE has failed the eye test once again with the the recent drop from $9 to $7. I sold all at $9 but fololish bought back in at $8 a half position. I am down on that now. I should have waited.
I think sub $5 might be worth a punt, no rush now to get in.
My prediction is $6.85 today
Wolf will spin this as good for the stock but a 35 million buyback is barely a slim of the bucket as opposed to a 25 million buyback at higher prices.