The oil sector has been exemplary well this year. Stocks like OV and OPM (considering that these are third liner stocks) went up by leaps and bounds. Oil stocks have high face values and are expected to continue to go up. One stock in the oil sector is PXP.
The chart below is PXP's chart since its IPO last September 2011. Since it retraced from its crazy day 1 price action, PXP has gone up from P4 to as high as P14 in just a matter of roughly 5 months.
.jpg)
Why is PXP worth watching?
[1] PXP is currently on its all time uptrend support.
[2] PXP is currently on its 32-day SMA.
[3] From P10, PXP is currently on 61.8% Fibonacci.
Philex Petroleum Corp.'s 2011 net income totaled P537.5M. It's earnings included P271.4M from Forum Energy PLC, a 64.45% owned subsidiary, and a non-recurring gain of P443.7M from the restatement of the company's investment in Pitkin Petroleum Plc. when Philex Petroleum's holdings in Pitkin was diluted from 21% to 18.46%.
PXP's highlights last year included the completion of the first exploration sub-phase of SC72 by Forum Energy and the start of commercial production from the Brixton Energy coal project in Zamboanga Sibugay.
In 2012, Philex Petroleum Corp. is looking forward to the following:
[1] Commerciality of the hydrocarbons within the SC72 contract area;
[2] Develop a sustainable revenue stream from our coal business;
[3] Pursue new opportunities including a participation in the upcoming Philippine Energy Contracting Round
No comments:
Post a Comment