Sideways?I can't see why this would move sideways - up I understand, down I understand.
I was looking back at the history of PetroBank. Obviously some differences between the two companies, but BNK seems to have a very similar path to follow. For those that were asking about the NPV of BNK, have a look at the latest PBG presentation and pplug in some of the BNK 2P numbers.
For PBG - Dec '04 it was $1.95. Got to $5, 6 Months later. Took less than 2 months to get to $10. Then it dropped back some, but 5 months after that it was $20. They have 100M shares out, BNK has 250M. But PBG is $54 right now and though obviously much further down the road than BNK, but Banker's 2P numbers are already higher than PBG.
Lots can happen, market economy-wise - but if the market stays where its at, I see a run to 10 in days or weeks, not months. Then either buyout someplace between $10 and $20 before the end of summer, or buyout early next year at $20-25.