Can you give an example of a non-scandalous energy company that has taken a hit the size of PBG/PBN over the last two months, and over the last year?
Oil was up almost 4% today. And yet all that PBG could muster was 4%, even after being hugely oversold. So much for being leveraged to the upside.
What I am saying is that we have yet to find a rational, compelling explanation for the consistently horrific price action in PBG/PBN. The "oil is falling and PBG is levered to oil" explanation doesn't cut it IMO. So either the market is way off here, or there is some other less flattering explanation. Maybe the heavy oil reserve quality is not what is stated. Maybe it isn't economical at the prices PBG claims. Maybe the potential of THAI is being exaggerated. Maybe PBN is an insolvent mess. Maybe all of the above. Maybe the smart money knows that.
If you want to think the market has wrong, and get in front of that train, be my guest, however the strategy hasn't worked so far. This thing was supposed to be "a screaming buy" at twice the price.
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