RE:TVE Shares Currently Held By NinePoint Energy Fund?Remember this post? Here's the link in case the text doesn't follow.
TSX:TVE Forum Post | HoneyBadger77-36029133 | TVE Shares Currently Held By NinePoint Energy Fund? | Tamarack Valley Energy Ltd (stockhouse.com) In particular, the question around how many shares of TVE Ninepoint still held at the time and if Ninepoint was perhaps dumping TVE, hence the share price headed lower starting about a month ago. And my share price projection.
Well, we got our answer this morning from Eric who was on BNN.
To summarize for those who missed it, EN admitted to decreasing their TVE position from about 10% to about 6.5% "about a month ago". I believe they held about 50 million TVE shares so having sold ~ 3.5% equates to about 17.5 million shares. So is it any wonder TVE share price is lower today? Is Ninepoint done liquidating TVE shares? Probably not quite yet but likely getting close to being done. Will they add more when TVE trend changes up, my guess yes. They've got the shares to manouver this thing around where they want it and EN suggesting a $7.00 share price is just him planting the seed so that when they do decide to reaccumulate, the beaten down retail shareholders will all jump onboard the gravy train due to FOMO. Of course the price of oil this summer will be th eultimate deciding factor as to when and just how high TVE can run back up and the Biden club constantly manipulating the oil market in hope of helping the election results isn't helping so I guess we need to suffer some short term pain for a long term gain.
My previous post comments copied and noted below appear to now becoming a reality and I see TVE just broke below $3.49, so at this point and a sub $77.00 WTI price, don't be surprised to see TVE headed lower yet to the low $3.00s. Those with margin accounts best get their accounts cashed up to avoid a margin call. For those with cash to deploy, a great buying opportunity is not far off...your patience will be rewarded.
"B
ased on technicals, it appears that TVE share price is headed lower to around the $3.20 to $3.50 range before bottoming and heading above the $4 handle again and Ninepoint is more than capable of making this happen if they want to. Of course the price of oil will be the ultimate deciding factor as to how much lower TVE shares fall and you can bet the Biden administration will do everything they can to put a cap on oil prices leading up to the summer driving season and election and that includes more SPR releases if needed. A narrowing WCS spread will result in about $9 million for every dollar the spread narrows (according to the RBC analyst) so that will no doubt help going forward as the spread undoubtedly narrow in the coming months." My opinion only, please DYODD.
HB77