RE:BMO upgrade from May 6 - $10 target I recently sold a lot at around $6.80 but now buying back and close to restoring to what I held before the Q1 release. I was disappointed with Q1. Compared to Q4 boe production was slightly higher but oil production was lower. Netbacks only slightly better despite higher commodity prices, mainly due to more than $5 per boe hedging losses. That was a surprise because in its presentation the co is forecasting a $2.75/boe average 2022 hedging loss. That was a bad start to a new year.
I also didn't like the hundreds of thousands of rewards and options issued to insiders. Too many shares printed and too generous compared to its peers.
But I had a second look and changed my mind. I hope for better results in following quarters and that, among other things, more than doubling the number of completions in Wembley/Pipestone will bring good results and that investors will see it as a more focused company.
The market also didn't like Q1 but weaker stock is a chance to buy back at a lower price.