PETRUS UP 11% ON VOLUMEAbove average trading volume today with an increase of about 11%, no news I can find on the wires. 3 large trades in AM hours drove price. Combined trading volume from Toronto and US/OTC shares was 286,000 shares +.
Is it possible that some investors see value with a firm that is poised to report substantial increases in productionssoon while it sports a sub 1 price to book ratio, lol.
Even as US NG futures are bouncing around violently each trading day, e.g. down 13% today, but up from lows at US$2.05 to $3.00 between February 21 to March 3, AECO NG pricing is more stable, last I checked was 3/05/23 @ about CDN$3.25/GJ.
Also, AECO futures pricing for December 23 just shy of CDN$4.00, Dec24 @ about CDN$4.40, and Dec25 @ about CDN$4.60, Dec26 @ CDN$5.00.
So, hedging forward on NG looks to be a positive for Petrus and we know they have an active hedging effort in place as a ongoing policy.
Crude pricing is firming up as well, both WTI and Brent, looks to be moving higher, even with the futures market manipulations, it always ultimately comes down to supply and demand and China reopening can be a driving force in the near term, even with the EU struggling with thier absurd sanctions self-defeating effort.
At any rate, nice to see PRQ making a move in the right direction, perhaps some positive information about production progress is sinking in, or maybe shorts covering as well, we shall see, GLTA