Posted: 8 month(s) and 21 days(s) ago
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Posted by: TrevorChase
Pioneer Drilling (PDC.AMEX), an oil and gas explorer, fell 49 cents, or 9.7%, to $4.54 today, making the stock the biggest loser on the American Stock Exchange. Volume was light at just around 75% of the daily average. No news was out to directly impact Pioneer Drilling, but yesterday's oil inventory data and news that the price of gas is falling probably weighed on the shares. Oil bulls seem to be faltering in their attempts to send cruded above $75 a barrel. Pioneer has 70 rigs, most of which are in Texas, but the company does have a presence in Oklahoma, Utah and North Dakota. Pioneer Drilling is a fine example of a pure play on the price of crude oil. If oil rises, Pioneer will move in unison. So until we get some more clarity on where oil is headed next, it's best to be cautious and take a wait and see approach with Pioneer. For more on Pioneer Drilling, go here: http://www.pioneerdrlg.com
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