We haven’t been fans of BOE through 2024 and in May it looked like the CEO agreed as he unloaded 70% of his holding onto the market, not a great look. This is a volatile space but we’ve been targeting the $4 area for BOE hence we have reversed our outlook back to a bullish one, though we reiterate our preference towards PDN for sector exposure.
- We prefer PDN to BOE but after its 35% correction we believe BOE is offering solid risk/reward.
MM is bullish BOE around $4
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