Forget cooper at present- looks like we are in for a very very rough ride. world markets down betwen 3-5% oil down $5.
The upside is if cooper drops anymore they can buy back about 200 million shares and still have 10 million in cash. Seriously thouugh, takeover stuff aside, Coopers cash position will prove to be very handy if market plummets.
The comment is not related to IPM, but with a falling oil price and falling stock values, we should consider ourselves very fortunate to have such strong cash backing. We have the luxury of a buy backand continued exploration. for many other companies, to do both in any decent measure is not an option
with the current share price, and assuming of cash equiv of 80 million at quarter end, coopers high margin, easy to extract, very sweet reserves (1.35 million) are trading at just under 9 dollars per barrel.
At these peices COE is very vunerable of becoming the hunted instead of the hunter.
COE Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
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