RE:KuppyI have to assume my mention of Kuppy's commentary below was responsible for the big pop that came not many minutes later ... so, you are all welcome. :)
balducci wrote: Kuppy's Event Driven Monitor letter just recently included Calfrac as a Fallen Angel ripe for a big bounce:
"Pressure pumping is an awful business. However, Calfrac recently exited bankruptcy where they equitized most of their debt (~$575m of debt eliminated). The balance sheet is reasonably clean and the equipment is trading at a fraction of replacement value at a time when there hasn't been much cap-ex and a lot of equipment has been cannabolized. 37m shares outstanding and 88m FD including the converts. There's nearly $1b of equipment at cost and WC offsets most of the net debt. Should be FCF profitable immediately now that the interest expense is reduced. Should trade up to equipment value on a NAV basis as more rigs are added in North America."