BillyJeanne,
I brought FGII at 38-1/8 (spilit adjusted).
According to a Briefing.com article, the oil business is just beginning to make it's move before a series of bad years in the 80's.
With improved technology, the article mentioned that the dayrates will improve oil drillers, oil companies margins. The demand has been higher than ever but supply has been about the same with some increase.
I personally believe that FGII will bounce back from the recent "shakeout of weak hands" (also profit taking) and may reach $60 by mid-June next year end or more.
This is just the beginning of upward movement for the oil stocks.
FGII is still considered a bargain considering companies like CDG, RIG, KEG, SDC.
It also has very small amount of shares floating and outstanding.
Anyone shorting this stock still could get in a short squeeze very easily. I am sure there are quite a few shorters.
Does anyone know that number?
After the split, there are a little more shares for mutual fund, pension fund, MM to buy also.
I am betting it will blow again earning again. All the circumstances are in place.
What do you'll think?
BTW, I hope my stock record is still good. I have pick winners like PWAV, LU and quite a few others.
Patience pays off..
Willie
>>
Several recent articles indicate that gas consumption in US is at an all time high due to increased speed limits and bigger vehicles. The drillers must be relied upon to get the oil to support the consumption as well as the increased useage in developing countries. I think well be ok after the recent histeria.
This, by the way has occurred 3 times since I got in themarket 3 years ago. (I bought FGII at $40, I sure hope it does) Good luck |
