George
For every Seller there are one or more buyers and although the trading of the last few days looks like selling, someone is obviously buying.
Who would be buying Ranger stock in this dismal market that is going to continue to drop and drop and drop (according to the professional analysts), I don't think Joe Q Public is buying Ranger stock, he's selling, so there must be someone else that see something worthwhile to buy millions of shares.
Don't forget the analysts were telling you to buy buy buy when these same companies were trading at record highs just months ago, buy Gulf Canada at 13, Buy Talisman at 57, Buy Petro Canada at 30 etc.. Well now they've changed their tone haven't they.
For every pessimist there must obviously be an equal and opposite optimist.
Now I'm keeping my powder dry for now, I have my limit on RGO but if I didn't have I'd be seriously looking to add some a little at a time for the next couple of months.
There are allot of institutional brokers making a killing in these markets, millions of shares changing hands and why, because of one simple emotion FEAR, fear of the unknown, and herd mentality.
Why would you sell a company that is expecting to add 35 - 40 MBLS/D in 1998 and in 1999.
Sure commodity prices go up and they go down but Ranger will be adding reserves and production for years to come.
I didn't consider Gulf Canada as a potential suitor but there are some synergy's.
Cheers for now |
