IMO the market is confused on the valuations of the oilers. According to Citi $73.90 usd oil is needed to justify the current share price. While Credit Suisse has suggested a more dire situation. Maybe the share price has not fallen more as people are expecting a bounce from around $48. Problem is it could be a dead cat bounce with many chartist predicting around $35 usd oil. Holders are not panicking yet so that is likely why we haven't seen the share price go into free fall to $3.
IMO the market is confused on the valuations of the oilers....
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