Like a bloody tuna in the water, shorts are circling micro-cap oil companies like Blue Dolphin (NASDAQ:BDCO), Mexco Energy (AMEX:MXC), Royale Energy (Nasdaq:ROYL) and Pyramid Oil (AMEX:PDO).
After these stocks were up over double in several trading days, shorts know they won't be able to continue on after being bid up far beyond the value of the companies.
Oil prices could soar to former record levels and it still wouldn't be enough for these speculative companies to hold the new prices imputed to them.
TheStreet says this on the four stocks:
Blue Dolphin Energy Company (BDCO) went from a close last week of $2.64 to $8.50, a gain of 222%. Shares are currently at $7.67. Volume which was just 28,500 Friday neared 3 million yesterday. This company had revenue below $2 million in 2009 and lost $0.35 per share. In 2008, when crude was at record levels, the company had revenues below $3M and lost $0.17 per share.
Mexco Energy Corporation (MXC) went from a close last week of $7.79 to $18.50, a gain of 137%. Shares are currently at $16.19. Volume which was just 2,300 shares on Friday is already near a half a million today. This company had revenues of $3.2 million in 2010, $4.9 million in 2009 and $3.9 million in 2008. The company reported EPS of $0.21 in 2010, $0.61 in 2009 and $0.40 in 2008.
Royale Energy Inc. (ROYL) went from a close last week of $2.15 to $5.48, a gain of 155%. Shares are currently at $5.47. Volume which was just 29,400 shares on Friday is already over 12 million today. The company had revenue of $8.6M in 2009 and $19.2 million in 2008. The company lost $0.24 per share in 2009 and $1.06 in 2008.
Pyramid Oil Company (PDO) went from a close last week of $5.54 to $9.40, a gain of 70%. Shares are currently at $8.59. Volume which was just 42,000 shares on Friday is already over 1 million today. The company had revenue of $3.3 million in 2009 and $6.6 million in 2008. The company lost $0.04 per share in 2009 and made $0.32 per share in 2008.
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