(NYSE:Talo) was looking so strong in 2019 but has had a rough summer so far. Will this stock give back all its gains soon?
Investors didn’t respond well when TALO combined forces with Stone Energy. Many people questioned the move when a couple years back Stone Energy Corporation (SGY) declared that the borrowing base under its bank credit facility was reaffirmed at $500 million following its lenders planned semi-annual redetermination process. There were no other changes to the terms of the credit facility resulting from this borrowing base redetermination. In October 13, 2015, the credit facility was substantially undrawn with only $19.2 million in letters of credit outstanding.
Stone Energy Corporation, was an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region.
This year shares seemed like they were going to recover but the last few months there has been a decline. We will be watching closely to see if this stock puts in a double bottom.