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re: Oil stocks...are you buying?
Posted on 7/29/16 at 1:24 pm to Crazy4OU
Posted on 7/29/16 at 1:24 pm to Crazy4OU
XOM Just posted worst earnings since 1999 I think?
I was very long VGENX but bailed around $50/barrel oil. Surprisingly VDE/VGENX haven't really fallen that much in comparison to the drop in oil.
We had a absolutely shitty driving season this summer and still have record stockpiles. Demand just isn't very strong. To pile on the bad news, we are starting to see an uptick in rigs coming back online. Most likely from the most recent climb back up to $50. It's just hard to be long oil companies at these valuations IMO.
Only thing keeping the stock prices stable is the yields IMO. Most have plenty of cash to continue paying the dividend, so why not I guess. Not a bad long term buy probably, but they should be trading lower.
CVX posted a surprise loss and is up .25%
I was very long VGENX but bailed around $50/barrel oil. Surprisingly VDE/VGENX haven't really fallen that much in comparison to the drop in oil.
We had a absolutely shitty driving season this summer and still have record stockpiles. Demand just isn't very strong. To pile on the bad news, we are starting to see an uptick in rigs coming back online. Most likely from the most recent climb back up to $50. It's just hard to be long oil companies at these valuations IMO.
Only thing keeping the stock prices stable is the yields IMO. Most have plenty of cash to continue paying the dividend, so why not I guess. Not a bad long term buy probably, but they should be trading lower.
CVX posted a surprise loss and is up .25%
2
Posted on 7/29/16 at 2:55 pm to TigerDeBaiter
If USO can dip back down below 9 I'll pick up some shares and ride it to 11 or so.
Posted on 8/1/16 at 12:06 pm to TigerDeBaiter
What's everyones thoughts on APC (Anadarko). $52 dollars today. They have been doing a ton of drilling over the last few years in the gulf. Taking advantage of cheap drilling cost
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