Avoid These Stocks or Buy? Sophiris Bio Inc (SPHS), California Resources Corporation (CRC) and Magnum Hunter Resources Corp (MHR)
New York, NY – GDP INSIDER – 05/22/2015.
This article discusses three companies: Sophiris Bio Inc (NASDAQ:SPHS), California Resources Corporation (NYSE:CRC) and Magnum Hunter Resources Corp (NYSE:MHR)
Sophiris Bio Inc (NASDAQ:SPHS) increased by just over 10% in Thursday’s trading session to $0.86. The increase was not based on any news released by the company, but volume did surge to 10.7 million shares on the day. This compares to a daily average of fewer than 800,000 shares. There were some large buyers in the stock, and it broke through its moving average following the increase. The stock is nearing its 3-month high of $0.88 from April 14, 2015. If it breaks this barrier, the shares could see a sustained move and could move up to a $1.00, the next psychological barrier.
California Resources Corporation (NYSE:CRC) was up by $0.21 in Thursday’s trading to close at $8.18 per share. The 2.63% increase was named as one of the top picks in Energy of billionaire investor George Soros. He holds an $81 million position in the stock. The company is an E&P that was a spinoff of Occidental Petroleum (OXY) that has operations focused in California. The stock also has an activist investor involved, Erick Mandelblatt of Soroban Capital Partners who holds a 10% stake. The stock’s involvement with top tier investors is good and supports our positive outlook on the shares.
Magnum Hunter Resources Corp (NYSE:MHR) was up by 18.75% on Thursday to close at $1.90 per share. The stock was in a slump behind low oil prices. The stock remains towards the bottom of its 52-week range due to the somewhat soft outlook for oil for the rest of 2015. With ample supplies in the Middle East and production also increasing elsewhere, oil will more likely bounce around $60 per barrel in our view. Until there is a more sustained increase in oil demand, likely from an improving global economic outlook, or tighter supply, we would remain on the sidelines for MHR.
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