Baffling StockI nominate ECA as the most baffling stock in my portfolio. Wasn't that long ago that it popped to 6.60 US, then flopped back like a dying fish.
They are buying back stock; they have excellent properties; they're paying down debt; they have hedged much of their production.
I've been hedging by selling calls but that has only slowed my losses. The call premiums are more than fair.
If there's military action in the gulf, North American oil producers should boom but who wants to rely on that happening... it's doubtful.
BMO price target is $9. What metric are they using, I wonder. I sure hope the longs are right about this company. I still think oil goes higher in the next year. Gold just popped today bigtime and I hope oil and other commodities follow.