RE: hate on stockSince the summer ECA was heavily touted by the Cramers of this world. Nothing wrong with his analysis or recommendation but inevitably that brought lots of people into the stock who had a very short term out look and probably little experience with O&G as an investment.
Now they are reacting like scalded hens - first to paranoia about falling record oil prices (which ECA doesn't even have), then vague rumors of a buy-out, then to this apparent 'loss'.
Likely the hedge funds where mixing in here - was Refco forced to liquidate millions of shares? yes - and betting on the lemmings, and as some of you have noted all O&G stocks get hit every October - its the natural lull between summer air-conditioning season and winter heating demand.
At around annual cash flow of $11 dollars ECA should be in the $60 to $66 dollar (CDN) range. It will likely be back there around the year end.