Stating the obvious?With the strong oil prices, both WTI and WCS, it is obvious that "the market" didn't like CJ's report.
That write-off may have been expected by those who did their DD, but probably came as a big surprise to everyone else.
And one of my biggest beefs has always been with their bad hedging history, something we are saddled with for the whole of 2018.
CJ is doing ok, and the dividend is safe, but is no longer the market darling it once was. Simply too many blunders.
My upside target is $6, based on a 7% dividend yield. Until that target is met, I have no problem holding for the dividend. After all, that is the only real reason I own it, the capital gain would be a bonus.