Post by
blackdog on Aug 04, 2023 10:16am
Na, none of that
I suspect that the fact that the short position at end July was 993K shares, mostly at under $6, is now feeding its own rally here.
Indeed, my read of the past week’s trades is that the only stock for sale is from shorters who are bold enough to try and double-down their way out.
There is almost no retail interest in energy small caps, but those who still hold the are not selling now. Bonterra is famous for being a low-liquidly, tightly held company.
Debt is evaporating; and although Q2 will not be what we had hoped for, more progress will be made and zero bank debt is in sight. As is a resumption of a dividend.
Pricing and sales for July and now August are trending to the upside. Q3 may well make up for Q2.
All energy share prices are bargains currently. If oil prices stabilize where they are now or even higher, then none of them will have to look back.
Bonterra will be one of these.
Comment by
TheRexmember on Aug 05, 2023 12:46pm
Na. The rally was driven by an HFI article. Short positions have fluctuated between 500k and 1 million for a long time. Q2 is out Tuesday. Will see some numbers there.