This was the reason that I sold out (but mainly to move money elsewhere). I think it should still do well because it’s still cheap but given they were operating on negative gross margins during the last downturn it is particularly concerning. I also don’t think they’ve adequately decreased their fixed cost base. That being said it is clear that oil is moving offshore again so there are at least a few good years to come- I just hate holding stuff I know I am going to have to flip when the tide turns, particularly when some pretty accomplished investors will all be looking to do the same thing...
MCE Price at posting:
37.5¢ Sentiment: None Disclosure: Not Held
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