Trying to figure out to what i'm missing here with this...

Trying to figure out to what i'm missing here with this significantly muted sp. Is it a long term skeptical view on the commodity mix of COB & refinery biz case, is it remaining unconvinced until FID, or are they unconvinced that mgmt will execute this plan in a difficult landscape? A bit of a headscratcher and of course this is certainly a contrarian bet; the well used rule of thumb, "The longer the basing pattern, the larger the eventual move" resonates with me here.

However, COB seems dislocated from any recent movements in the commodity price so i'm wondering if anyone has insight into what's driving the negative sentiment.