RE:RE:RE:norway sell off listDear John, BTE is a highly liquid stock and since December 11 has traded between 4.5 million and 19 million share per day. 12 million shares is less than a weeks trading (at worst) if being fed by institutional algos. 40 percent of BTE production is in the Eagleford and another 40 percent is Viking and Duvernay light oil. The 20 percent heavyoil can weather line 3 by rail (may not have to depending on pipeline contracts). When the turnaround comes it will take a day or two of trading at which just in time traders will hesitate thinking a yet another false start and miss the entire move. Then come in near the 52 week high where I will be selling (LOL). The reason BTE is a good trade here for patient hands is all the negativity creating the opportunity. They are not selling cabbage patch kids. If you believe Canadian oil and gas companies are a value trap then BTE is not for you. If the a crowd mentality shifts off a geo-political event or some other just in time thesis BTE and others will be the place to be (it is usually very fast). Good luck timing it.
Now that BTE is off Nutall's top 3 that is as good a contrarian indicator as any. Usually that means he is selling (ie. running or doubling down on Meg?) and may mean he is accumulating. Perhaps mgmt told him there will be no share buy back versus debt reduction as is the plan now. Debt reduction worked for Kelt. Place your bets. Blue horse shoe loves Baytex.