PMT getting back into by buy range 1.15-1.19this is my buy range and this is why;
1-debt swap for TOU is very positive long term because it wil lower debt servicve costs substantially and they are only paying 0.58-0.59 on the dollar to retire this debt.
2-NG prices are forming a base and will eventially rool ovr just as oil has started to do in USA shale plays. there is no way they can keep NG growing with 80 or so rigs even with the fraclog.
3-they have some interest future development projects that they can develop on their own or JV with bigger companies;
1-columbia lands could be a JV with Tourmaline
2-Panny Lead could be a JV with Cavalier oil sands or POU or even SU if they want to be part of this technology. can you imagine what would happen to PMT share price if they JV'd with SU??
4-waskahigan JV with bigger company
5-colorada shallow shale development
yes this won't happen over night abd NG prices will not rise too far from current levels unless we get a real hot summer and falling NG produciton but longer term they will make more deals.
PMT has amde some very profitable deals in the past and they will again, jsut a matter of time but with the equity swap they will get more time to do more deals.
of course it's a spec play so invest wisely
but good risk/reward in my book at current prices
DYODD