In at $0.67, out at $0.85, profit = +26.15% after commissions.
I also bought 1000 shares of Second Wave Petroleum at $2.62 in my HELOC account.
Stock Trade Commentary
About 2 weeks ago I completed my position in PXL by buying the second half of my shares at $0.68. At that time I clearly stated that in my opinion PXL was extremely undervalued. Even though the share price went to hit a low of $0.60 the following day, that did not bother me a bit, I stick to my fundamentals. Unfortunately, I never have enough money to buy every opportunity out there and I cannot risk putting all my eggs in 1 basket so 5000 shares was considered a full position.
Today I was more than happy to lock in profits of +26% for a relatively short holding period. Why didn’t I keep holding? I could have held longer but this is my HELOC account and this trade is no different than the previous ones aimed at maximizing the income of my HELOC money before settling on a dividend paying portfolio by the end of November.
There is nothing wrong with Palliser and I would buy in again in what I deem to be the right context. Part of the money freed up today has been rolled into Second Wave Petroleum which is focused on large oil resource plays with a great drilling inventory. As usual, I fail to nail the best price of the day since it hit a low of $2.57 but I hope that just like PXL, I correctly assessed the potential of this company.
Are you a shareholder of SCS? What do you think of its prospects?
- Stock Trades: Bought More Palliser Oil and Gas (TSXV:PXL)
- Stock Trades: Sold Crocodile Gold (TSE:CRK), Bought Palliser Oil and Gas (TSXV:PXL)
- Stock Trades: Sold Second Wave Petroleum (TSXV:SCS)
- Stock Trades: Bought More Second Wave Petroleum (TSXV:SCS)
- Stock Trades: Sold SkyWest Energy, Bought Second Wave Petroleum