Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Peter Levine, Chairman of President Energy (PPC), has a lot riding on the company’s success. After Tuesday’s purchase of another 250,000 shares, he now holds 19.38% of President’s stock. This is the second purchase by Mr Levine, at just over 30p, since the company’s deeply discounted placement in February. There is little doubt this fundraising did a lot of damage to sentiment toward’s President stock, but as the end of May approaches, and the company is due to spud the first of three exploration wells in Paraguay, will speculators be tempted to follow Mr Levine’s lead?