i said abotu 12 months ago i thought sto would go to around $4.50-$5 if oil stays down long enough that oil company pe multiples get knocked down to aorund 5x - ehich is usually what happens to reosurce stocks in normal earnings times.
historically though oil never goes that low because its seen as more essential and having more pricing power.
but while that made sense on fy16 sto earnings - the wildcard here is what the market might do to the stock if they seriously think a capital raising is about to happen.
thats how cok went from 55c to 0.01c and a few other 'growth miners' did likewise.
but the oil execs just never thought oil was like all other resources.
news flash - apparently it is
this is why old fund managers generally dislike the resources sector
5 Dollar Last Day Sale Once in a Life Time?, page-17
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