I sold ATW on Friday. Here’s a quick summary of the trade
| Stock | Purchase Price | Date of Purchase | Sale Price | Date of Sale | % Gain |
| ATW | 105.00 | 5/20 | 117.55 | 6/27 | 11.95% |
Atwood Oceanic Inc. (ATW) is a drilling contractor and the speculation in the oil market and the desperate desire to increase production made it a good investment.
Speaking of oil, CNN’s report on ATW, highlights a couple of interesting new developments:
- a comment from OPEC’s president that oil may soar beyond $150 a barrel in 2008, and,
- Libya may cut it’s oil production
The squeeze’s being applied! I foresee domestic exploration to be the road-taken in times to come, unless we may new friends or learn to better barter and bargain with the existing ones. It’s also my belief that the regulations around offshore and onshore drilling will get relaxed first; much before the expansion of ANWR. More on this later.
Coming back to ATW, iStockanalyst has a quick overview explaining ATW’s rally. Now, that I’ve freed up some cash (remember my rules of investing?), I plan to identify my next investment soon and will share it with you right after. Have a great weekend!
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