RE:After waiting for over a yearYep I remember a year ago when I tripled my PEY position between $1.25 and $1.50.
Easy to say today I could have bought more, but I still carry them all although my target has been reached. I am waiting for the next up move (to 8+?) to sell 33% of these and bring my cost basis for the reminder of my position to zero.
PEY shares represent the biggest paper loss I ever sustained in over 20 years of trading/investing and fortunately, it might turn out it will be the biggest profitable trade.
I am fortunate to have bought at these levels but the stock should never have gone that low. Like in the OVV case, the BoDs lost it completely in their fiduciary duties, increasing debt irresponsibly although the writing was on the wall. Breach of covenant and banks raising their financing rates left shareholders in a corner. In 2020, $58m went to service a debt that increased by another $50m y/y.
Hopefuly, natural gas producers do not have the same plan has Peyto, aka increasing their production by 20% this year. The kind of plan that will crush NatGas price again. So stupid!
Will PEY do like OVV and multiply X10 this year?
Who knows?