RE:RE:In for a penny...in for a pound
WTI is up 2.5%, Brent up 1.5% yet most Canadian oil stocks are down and same for U.S. oil stocks including the giants.
If the S&P was into a freefall I could understand such craziness but, it is now down only 0.3% and Nasdaq is almost breakeven.
The level of hate for the sector and/or lack of buying appetite is nuts. I would expect some privatization soon. Think about it: you pay a 30% premium, cut all costs to the bone, listing fees, board of directors, etc., harvest cash flow like crazy with zero need/pressure to increase production or come up with forecasts, then re-IPO at same price in a few years from now.
Unfortunately, the premiums wouldn't undo much of the damage to people who have been in these names for just a few months...
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