RE:SHORT POSITIONS ....I think it is more of an arbitrage than actual shorts since ROE is officially tied to RECO, being the fact that 1 ROE share will be exchanged for .046 Reco shares.
Sometimes spread between the two stocks is sufficient to allow arbitrage trading to take place.
Example: Buy ROE and Sell Reco, or buy Reco and sell ROE....depends on where stocks are.
In actual equilibrium: 1 share of ROE = .046 shares of Reco
However during the day, maybe 1 share of ROE is actually trading at .06 shaes of Reco so arbitrage sells Reco or, it trades at .035 shares of Reco and in that case arbitrage buys RECO.
In any event, this minor noise, is to be disregarded.
What is important is to keep note of these numbers:
500 million barrels of oil = $ 24 per share stock price per Hayward
If 12 billion barrels of oil (per Jarvie) = then upside to $ 576 per share stock price
So lets say 60% is done by majors, it means our stock price should be $ 230 (40% * $ 576 per Jarvie)
And this is only for 12% of the land and, not considering the 5 billion barrels of oil in Mexico that will get unlocked once new administration is in the office in 2024.
mpo