RE: RE: RE: this one has performed likeHey Mango,
PetroBakken has shown surprising strength relative to NAL and others over the past few weeks. I had bought it in my initial buys after exiting DAY shares, however I got nervous about their convertible debentures due in early 2013, from what I recall they would mean a substantial dilution if paid by shares and the balance sheet looks pretty weak - so I sold, made a nice profit, but it is trading considerably higher now.
Nat Bank has CNAV at $9.21 on NAL.
PennWest is a big holding of mine, under priced IMO. Yield is solid and balance sheet strong. This is in my piggy bank for the long term. I would like to issue some covered calls, but I think it has pop potential that could leave me covering the calls so I am waiting for a higher price.
Bought more NAL calls today. No liquidity and premium is high. MM plays a frustrating game of putting up 10 contracts at a time and bouncing the offer price on any action, takes me all day to take a position 10 contracts at a time. I guess there is no one but the MM on the other side. Hope a buyout makes them pay up like what happened on DAY.
Haven't looked much at Cresent, what do you see there?. I bought ARX, GO, TLM, and BXE from the DAY sale as well as PWT and NAE. Bought and sold PBN as stated and took position in ARX at a much lower but seemingly more solid dividend. Still got some DAY calls to sell as the gap on sale price and current offer is still pretty wide on a % basis, obviously I don't see much chance of the deal failing.
Cheers
Terr