BIG hit coming tomorrow (unfortunately.) Bought in today at 5.81.
Glad I sold some Aug. 6 calls. Will make up for at least 18 cents (after commission) of tomorrows expected drop.
Looked at the reported numbers - most seemed to be up for the first six months comparison to last year, but the second quarter compared to last year really sucked. Will take them a while to catch up the Gulf of Mexico revenue they sold off, maybe a couple more quarters, anyway.
If tomorrows drop is really brutal I'll add somemore. If it breaks 5, tho, it will mean additional margin call selling as the margin holders will have to come up with another 1/3 of the stock value to hold their position. Never thought I'd see this one below the mid 5's again....
A new management team might be good. Guys running this aren't exactly household names in the oil and gas industry.
