RE:Q2I have been buying HWO since it was trading at 0.55 and now own a significant chuck, so obviously my opinions are biased. I do think the worst phase of the company is over with the Q2 results. Going forward things will only get better as the busy canadian season starts and more importantly as PNG work resumes.
In PNG, there has been no drilling in the last 1.5 years and its a matter of time (6-8 months) before things start picking pace. In the meanwhile, Papua LNG & P'nyang projects will also get more momentum. I cannot visualize a scenario where its 2023-24 & all four rigs are not operational.
In the meanwhile, management has to get creative with the $21 mil cash balance and find productive use of that money either by accquisitions or aggresive buybacks. With the Santos-Oil Search merger, they might also bring up the posposition of creating a new joint venture PNG company.
In the near term, there are few major catalysts to explode this stock and will move with rest of the sector as instituational money comes in. I anticipate a sp between $1.6 to $1.8 at the end of this calendar year with a more positive Q3 in november.