Bonterra Energy Corp T.BNE

Rocket Ship

[bandit69]

Definitely on the move.  Volume is super strong.  Almost 50k shares traded in about 1hr 45mins.  Going to be a big volume day with strong upward price movement to go with it.

Buckle up for the ride.

[bandit69]

Sorry...typo. That should have said 150k shares traded in about 1hr45 min not 50k.  My keyboard ran out of ink. lol

[churchofnutsacc]

Interesting trading day. Something the fed said spooked the algos and killed our rally. Upward and onward.

[snowshoedb]

I think it was the EIA report and strategic oil release

[bandit69]

It wasn't the inventory report.  That report was bullish and oil strengthened after the report was released and WTI is still strong as I write this. I am pretty sure it was the Freeport LNG fire and all energy equities were caught up in the algo reaction to the headline.  Normal computer trading crapola.  Natgas was hit because of it not oil. https://www.marketwatch.com/story

[blackdog]

Check out the insider trading reports. Our major US shareholder William Oberendorf, who ended up with BNE shares after the Spartan aquisition, is selling.  He has a very low opinion of Canadian political leadership and has never been happy with its implications for oil and gas investing.  It looks like he has a price that he is prepared to leave at. The stock needs the market liquidity

[bandit69]

I did see his recent sales. I know the story and remember when he got involved. I don't know, my opinion of his thoughts on Canadian energy is likely a way to save face because he came in at the worst possible time. (Now exiting at the worst time? Lol)

[churchofnutsacc]

It looks ike he sold about 3% of his shares which is insignificant in my view. 

[bandit69]

agreed.  I would also think that if he wanted right out that BNE could most likely arrange a block trade to someone if it was necessary.

[bandit69]

There was an early warning report issued yesterday June 10 that Oberndorf sold over 438k shares this past week.  That was over 10% of his total share count so maybe he is looking to get right out. Unless someone comes along to buy his remaining block then it could be awhile before he's out.  He officially ceased to be an insider June 10 (I checked SEDI) so he doesn't have to

[churchofnutsacc]

I see that now. I maintain that we wll stay stuck in the mud until at least Q2 earnings, especially with the overall market dumping. So if we stay range bound here until after earnings, what type of multiple will Bonterra be trading at? Closer to 1x earnings than 2x earnings I'd assume.