Today, I bought 5,000 shares of Hyperion Exploration (TSXV:HYX) at $1.12 in my HELOC account.
This brings my total to 10,000 shares of HYX at an average price of $1.18 in my HELOC account.
I also had a stink bid at $1.08 yesterday in my TFSA for 5,000 shares but only 1,000 got filled, hopefully I will be the only one to have bought at the low of the year!
Stock Trade Commentary
I decided to average down yet again on HYX. If the price was to recover, I might partially sell and keep a core at a reduced price. HYX for me is a solid hold, it is the trio of production+land+management and sooner or later it will be rewarded. Their exit guidance for 2011 is very conservative and I will not be surprised if they push it higher by the end of Q3. At this price level it is trading below many of its peers and below its NAV of $1.35 per share. Q1 results will be out in a couple of weeks and I expect healthy netbacks at current oil and gas prices.
I have been very busy at work and at the same time I fell in wait and see mode since the end of QE2 is close but here I am buying HYX again. What is dangerous about this transaction is that my margin now has been reduced and at the same time I want to double my position in NAE if it drops significantly lower because its production is oil weighted and offers 7% yield. June 1 is right around the corner and it will be an opportunity to discuss all the stocks that I am currently holding and more. May turned out to be a very volatile month. Many juniors have started moving higher this week so I would not be surprised if my portfolio recovers its double digit returns for the year.
Have you been buying or selling?