Integrated energy company ORG has rallied strongly over the last 12-months helped by the recent announcement of a $250mn buyback plus their intention to accelerate the inevitable migration towards renewables and clean energy. We continue to believe this is a turnaround stock with the only question being has it run too hard too fast – its was at $17 back in 2008.
We continue to like ORG moving forward but a pullback into the $6.30-6.50 region feels a strong possibility i.e. it fell a few cents when the market surged yesterday.
MM likes ORG under $6.50
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