In 20 years of investing, never have I seen what I see nowA total and utter decoupling from the underlying commodity price. The price action mystifies me, not just of oil stocks, but of CPG primarily. It has completely gone off the rails this year and the stock acts like it is heading towards bankruptcy.
All positive price action in oil is ignored or muted, and negative price action is amplified. CPG trades like a penny stock.
The lack of any urgency from management is also jaw dropping. Instead of defending the stock by making material insider purchases or inititating a buyback, they are simply silent.
Considering that they sold 10's of millions of shares at an average of $30 / share, would it not make sense to buy them back at $9?