RE:Am I missing something… first bought ATH for $2 in 2014. Oil was $52. More than double that now. ATH makes about $0 at $52, but the market was pricing in a recovery.
Now we have the recovery, and then some. The market is pricing in $50 oil? Inventories keep falling. They can't misprice it forever.
You are missing one thing. The 70 cents wasn't 'real' earnings; it was largely an offset of a prior impairment.
The key is where are we going. We are going to keep seeing 20 cents, 25 cents, 30 cents, per quarter. People are taking notice, a little bit at a time. 6 months above $100 basically fixes everything for ATH.
This whole Russia thing sucks, as we were moving up nicely before this mess started, and we could have just maintained a nice steady upswing.