RE:RE:RE:Midstream Comments G&MThere's certainly some sleight of hand going on here to create additional value out of the same set of steel. I've been selling the last couple of trading days, TWM is down to my 4th largest position and I think I'm happier with the adjusted risk/reward and upside potential of my revamped portfolio.
The fact that I'm (~60%) bailing on TWM here is probably a sign it finally breaks out of the the doldrums. Loading up below $0.80 in the last 18 months saved the trade for me, I'll likely book some losses on the shares I sold in July and August (shares acquired in the $1.40s years and years ago), and am booking gains on what I'm selling now (shares acquired under $1), so I can get back in without wash sale restrictions if it comes to that.
Certainly a clearer path forward for TWM exists now with a solid balance sheet and improved commodity pricing. What path they choose will be interesting to see develop. Pipestone phase 2 seems likely with WTI at $70 and AECO futures all above $3 for the next ~2 years.
I've shifted the proceeds over the last few weeks to producers: SDE (which is now marginable on the TSX), KEL, and TOU. Still holding 40% of my original, oversized position. :O