Good example of mismatch between the price of oil and oil equities, China has just bought former canadian trust called Daylight Energy. The price wa 44% premium to the $7 average of the past 60 days, but more importantly, it's a 120% premium to Friday's closing price of $4.59.
Apparently investors were pricing the company for 50$ oil again.
Hopefully China wont stop with acquistions when the world is going to end soon and oil companies are priced for 50$ oil again. Actually the best time to make acquistion has just started.
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