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Hello fellow investors / traders,
As promised, get Paragon Offshore (PGN) on your screen right now.
PGN has been trading sideways for a couple months now and accumulation continues at 52 week lows. We think this strong base is underpinned by strong buying support.
At just $0.22 we think PGN could be in for one massive bounce and short squeeze.
But we've dug deeper than just technicals. We think PGN could offer amazing value for investors.
According to Yahoo! Finance, PGN has market cap of just $18m but an enterprise value (internal value of all its net assets) of $1.9 BILLION - that's right, billion with a B.
Just last year when PGN came on the market, it traded as high as $17. Today it's at $0.22. I have no doubt PGN is a case of throwing the baby out with the bathwater, and now we see a tremendous oversold opportunity.
PGN just released its Q3 results a couple weeks ago. The company made an underlying profit net of impairment charges (an accounting term which means to adjust the value of its assets) of $140 million.
PGN also has a cash balance of $733 million. Crazy right? A company with a market cap of just $17 million has a cash of $733 million.
Now do you agree PGN might just be undervalued and oversold here?
Did I mention the $1.29 BILLION in contracts the company has secured for the future?
You can read all about their latest financials at http://finance.yahoo.com/news/paragon-offshore-reports-third-quarter-120000800.html
Paragon Offshore (PGN) is a leading provider of standard specification offshore drilling units serving the oil and gas industry. Their fleet consists of 32 jackups and six floaters (four drillships and two semisubmersibles). PGN's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world
In addition, Paragon is the majority shareholder of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company on the Oslo Axess stock exchange that owns and operates two high specification jackups.
Paragon also performs drilling operations on the Hibernia Platform offshore Eastern Canada. PGN operates in significant hydrocarbon-producing geographies throughout the world, including Mexico, Brazil, the North Sea, West Africa, the Middle East, India and Southeast Asia.
For more information about PGN, visit their website at http://www.paragonoffshore.com/
Don't delay, get PGN on your screen right now. We are hoping this could move big today and in the short and longer term.
ShiznitStocks.com
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