RE: Volatility is getting boringHeard the volatility called many things - but boring is not one of them.
At this point - you either need to be a) a trader looking to go in and out of the stock based on a dialy basis, or b) confident enough to know that long term these guys are in good shape. I think anyone else would have gotten out and stayed out at some point over the past month or so.
For BNK - there is really no up-side surprise possible - all info is fully disclosed. Oil is now under $70. B/E point for Bankers is ~$60 (according to the last presentation). At 7000 bpd and $70 oil, that means they make about $25M per year. 200M shares = 12.5 cents per share. P/E of 10 is 1.25. Unless they can a) get production up (by spending money they may need) or b) get the price of oil back to $80 - this is it for awhile.
Me - I think oil goes to $80 by YE and then back to $108 by YE 09. Assuming they slow burn on projects for now, by mid-2010 they should have 15000 bpd at a price of $125 and Netback of $35 p barrel. Thats $191M per year or nearly $1 per share. At P/E of 10, that's $10. Now most carzy bastards that buy something like BNK want 1000% return in 6 months. But I think a 3-800% return in less than 2 years looks pretty good.