Gediminas Jasionis
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Q1 Production Decrease Keeps Bankers Petroleum Ltd. (TSE:BNK) (PINK:BNKJF) Share Price Low

by Gediminas Jasionis May 17, 2012
bnk_chart.pngBankers Petroleum Ltd. (TSE:BNK) (PINK:BNKJF) stock price regained some ground but is still unstable and shaken up pretty badly after the huge drop recorded on Monday.

BNK stock price gained 11.3% on Wednesday under a trading volume of 5.1 million, which was significantly above the average of 1.8 million and got the company listed among the most actively traded stocks on the exchange.

Bankers stock regained some ground mostly on technical retracement as bears gave up trying to push the price further down. The gains were recorded by the end of the session in a short but strong rally, suggesting the following session should start in a bullish manner.

There was no directly related news to have caused the rally. The overall market was hitting record lows during the session and bears had plenty of more profitable targets, thus the reverse in price direction.

bankers_logo.jpgBNK lost nearly 33% on Monday as traders reacted to their first quarter financial and operational results. While revenues from oil sales increased 41% compared to 2011, the company generated 31% smaller net income for the quarter. Bopd production averaged 13.3 thousand, which was lower than the 13.4 thousand recorded last quarter. This was the main cause of dissatisfaction among traders.

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