Wednesday, August 23, 2017

New Trade Setup: Magellan Petro – Speculative Oil and Natural Gas

Continuing with the overall energy theme today, Magellan Petro (NASDAQ:MPET) is a very speculative and play with a base forming to run up from.  The current setup is near two support levels, with the key level being $2.35, so you know where to place your stop losses.  Above that, we have significant upside potential and already cracked two resistance levels earlier before volume slowed down and settled us near even on the day.  Since the drop was due to bids being lowered, not sellers pushing down the bulls, that is a bullish theme for a low volume speculative stock as MPET is.

MPET and its subsidiaries engage in the exploration for, and development, production, and sale of oil and gas reserves in Australia, North America, and the United Kingdom. Its assets include the Mereenie, Palm Valley, and Dingo fields in Australia; the East Poplar and Northwest Poplar fields in Montana; and a series of licenses (Markwells Wood / Havant) in the onshore southern United Kingdom. The company was founded in 1957 and is based in Portland, Maine.  Yahoo finance has MPET having $32 million in cash and only $1 million in debt.  The low debt is great, but $32 million is not much for an oil and natural gas exploration company.  This creates a concern over a share offering that could be unfavorable to current investors if the pricing is significantly lower than current levels.  With my experience, I don’t anticipate MPET should have too hard of a time raising capital at current pricing levels, but if we appreciate in price, that is all the more reason to take some profits.  Yahoo also has April 15th as the next earnings release, but it is unconfirmed on my trading screen.  I anticipate that date will be moved and May will be when earnings are released.  Keep an eye on this though.  My style of trading does not allow me to hold much, if any, into an earnings release as we lose an edge in knowing what will be said and how investors will react to that uncertain news.  See the charts below for more analysis.

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As always, do your own homework to see if you agree.  Good luck out there.

Mike

At the time of publication, Kudrna was long MPET, but positions may change at any time.

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