Over Reaction As someone has already pointed out, I think the market has over reacted, yes they cut their dividend but it was yielding too high to begin with, anything yielding above 15 % is just not sustainable in the first palce on a long term basis. Even though they cut in in half its still at this price yielding above 10 %, I can't say this off the yop of my head but I bet there are very few stocks out there that people could find that yield over 10%. Plus as pointed out already their contract is good untill at least 2020.
I look for this to rebound up to 3.40-3,75 in the short term !