Hyperdynamics (HDY) Shares Trade Higher as CEO Makes Case - Cramer
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Price: $0.67 --0%
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Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Shares of Hyperdynamics Corporation (NYSE: HDY) are trading about 4 percent higher Wednesday afternoon following comments from CEO Ray Leonard on Jim Cramer's Mady Money Tuesday.
Leonard admitted Hyperdynamics wasn't faring so well when he took over about two years ago. Through contract renegotiations with New Guinea, refinancing of toxic debt, and installation of a new Board, the company is looking better than ever, Leonard quipped.
Hyperdynamics isn't expected to commence drilling until the fourth-quarter of this year, but Leonard reassured Cramer the company is working "at light speed" to complete exploration of its geology, which is the last remaining hurdle. Hyperdynamics has also secured a drilling rig, which is currently making its way over to West Africa.
In terms of why a larger comany hasn't moved to acquire Hyperdynamics oil discoveries, Leonard said many were expecting the company to fail, and have now missed out.
Despite the positive outlook from Leonard, Cramer said Hyperdynamics is interesting, but still small and speculative. He recommends investors use limit orders, and not chase the stock if it moves higher.
Leonard admitted Hyperdynamics wasn't faring so well when he took over about two years ago. Through contract renegotiations with New Guinea, refinancing of toxic debt, and installation of a new Board, the company is looking better than ever, Leonard quipped.
Hyperdynamics isn't expected to commence drilling until the fourth-quarter of this year, but Leonard reassured Cramer the company is working "at light speed" to complete exploration of its geology, which is the last remaining hurdle. Hyperdynamics has also secured a drilling rig, which is currently making its way over to West Africa.
In terms of why a larger comany hasn't moved to acquire Hyperdynamics oil discoveries, Leonard said many were expecting the company to fail, and have now missed out.
Despite the positive outlook from Leonard, Cramer said Hyperdynamics is interesting, but still small and speculative. He recommends investors use limit orders, and not chase the stock if it moves higher.
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