Yesterday, I added 6,000 shares of SkyWest Energy (TSXV:SKW) at $0.62 in my TFSA account.
I am currently holding 10,000 shares of SkyWest Energy in my TFSA account at an average price of $0.62.
Stock Trade Commentary
Following yesterday’s transaction my position in SkyWest is now complete at 10,000 shares. SkyWest has a lot of potential in my opinion as they are growing organically through aggressive drilling and targeted acquisitions/farm-ins. It’s one of the few companies focused exclusively on the Cardium with a total of 94 net drilling locations so far.
The share price might dip below $0.60 in the short term as they are currently doing a financing at $0.52 a share which I would have loved to participate in if it wasn’t for the fact of Quebec being so special in every damn thing out there (prospectus has to be filed separately in Quebec). The end result is some investors might short the stock above $0.60 and cover using their warrants bought at $0.52 for a quick 20% gain. The offering closes on Dec 7.
Short term price weakness is of no concern as what matters the most is the execution of the plan by the company. The Q3 report will be released on November 25 if I am not mistaken and I do not expect it to be very exciting. What will matter the most is the outlook and the subsequent quarterly reports as the ship sets sail. I will provide more information on SKW tomorrow when I post it as a stock pick.
Dear reader, are you invested in SKW? What do you think of its potential?
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