Tide ShiftFull kudos for a great 1/4. From a technical perspective, not that they really ever mean anything but technicals can be used as a tool in the tool box, there is a clear channel from early 2020 to now and trading at the bottom of the channel fighting with the 200 day and bouncing off and riding the 50 week. The MACD is starting to turn and, with these indicators combined, I think an upswing is on the way. I think the market is likely absorbing the earnings report and will jump in shortly but again, without ROC like everyone else is providing now, that is just a guess. Maybe wishful thinking on my part.
I know others disagree but I still favor a sale especially with the feds threatening emissions caps and God knows what else. With the balance sheet clean up and financials looking remarkable and actually looking like a business with real earnings (net profits were 34%! most businesses are happy to achieve 5%!)...finally....I am genuinely surprised nobody has or is taking a run at BNE for a takeover. The numbers really are stunning and the RLI is certainly not small either. The biggest positive surprise for me was the rapidly dropping decommissioning liabilities.
I realize the earnings came at $108 WTI, but $90 WTI looks solid at this point and that is still going to provide large earnings and cash flow. Hard to believe markets are freaking out that oil is "only" $90 when just a short time ago people were cheering $60 WTI.
All of this and BNE still trades at the "rule of thumb" $23600 / flowing BOE (based on the projected avg of 13500boe/d) and liquid weighted assets are selling for $60k/flowing boe.