RE:unbelievable how much this dropsSadly Yitearp I fear you are probably correct. There is not much to keep the share price of this one up as a result of a number of extrinsic and intrinsic factors:
First the extrinsic:
1. Oil is down (again) and Mr. Trump is taking credit for that and seems to be leaning towards making it go much lower
2. Canada will continue to have trouble transporting what we do produce to other markets due to the pipeline issues in which not only do certain local groups seem to have veto power, but so does the President of the United States (or did we forget that one - https://www.cbc.ca/news/politics/powerandpolitics/trump-trans-mountain-security-review-1.4761521
3. We do not have a Federal government capable of orchestrating any sound, legal or meaningful policy on natural resources (they do seem to have cornered the market on apologising and crying publically about a plethora of "crimes" committed decades or centuries ago of which we all "should be ashamed")
4. Tax loss season is almost upon us and I doubt that many have made any profit on this one with the possible exception of those bright lights who bought this in the $5.68 range and had the good sense to seel it shortly thereafter....or of course the shorts - they have done well (and will continue to do so, I am sure)
5. Many of the talking heads continue to suggest this is a "buy", which simply means that many of them are dumping their shares and are looking to create demand
Now the Intrinsic Factors
6.CPG still has 1085 employees ( much the same as 2015 according to Simply Wall Street )- so much for reducing their work force - guaranteed income for life - nice job if you can get it
7. CPG still has much the same Management Team and BoD that it had under the previous CEO which means, in simple terms - they have a mindset consistent with his (why else would they be hired?) so to think that shareholder value has any real meaning for them is probably a bit of a stretch.
8. It is doubtful that anyone will come in and take over the company unless it is considerably cheaper than it is now as the cost of all the golden parachutes will be prohibitive - probably in the hundreds of millions if one were to replace the entire management team and BoD (which most agree is really what is needed)
So, in a nutshell, - yes I agree we are going lower and yes probably setting new lows. I am not sure if the $2.00 range (as some here have suggested ) is accurate but the 3 - 4 range would not surprise me. Then, and only then, would it be worth it for some one to pick this pathetic excuse of a "Blue Chip" (yes it WAS once considered Blue Chip) company so that some of us could recoup a portion of our losses.
I know - it's a faint hope...but we can still dream can't we?
Cheers
Rusty