Let the bleeding beginI was suprised to see the price hold up yesturday, and even more suprised to see the sharp drop off today. After the Q1 release I expected a slow steady decline until positive news, however, we may see a blood bath rather than a slow bleed. Sold as soon as I read the Q1 release and could barely sleep waiting for the market to open.
Man, that Q1 release was brutal. New deep well coil rigs delayed and the U.S. division getting hammered. Total opposite of what I expected. I expected to see some small gains from both these assets with some momentum starting to build for decent earnings growth while we wait for LNG. Instead, both the assets are sucking the life out of the company with no end in site.
Still love the company, but will be waiting on the sidelines as the price drops and the divi gets better and better. I don't think the divi is in trouble, unless the cash continues to bleed.
Best of luck to the longs, see you when the story changes.