OCNF - OceanFreight, Inc. (NASDAQ Stock) - Stock Market Forum, Penny Stocks, FOREX, NASDAQ, AMEX, NYSE, Live Chat

**BadThad** · #1 05-20-2009, 10:02 AM

Thanks to AUFan for this one. The chart is looking good, the stock is beat down with the rest of the shipping stocks. I picked up 1000 shares today.

OCNF - OceanFreight Inc. - Google Finance

Current Stock Price: $2.00

I like this site to give me some easy TA....I really like the fact that there's NO bearish signals....that's the FIRST time I've seen that on this site. I also like the next resistance isn't until $2.27 and, fundamentally, that they showed a PROFIT last qtr.

http://www.stockconsultant.com/consu...bol=OCNF&27012

**BadThad** · #2 05-20-2009, 10:30 AM

Earnings highlights.....how could any investor not like the fundamentals of this company?

LOW SHARE COUNT: Shares Out.18.5M

Quote:

-- For the three-month period ended March 31, 2009, the Company reported
Net Income of $2.6 million or $0.13 per common share.
Other Developments

-- In May 2009 the Company fully repaid the Sellers' Credit of $25
million in connection with the acquisition of the M/T Tamara and M/T Tigani
that was carrying an interest rate ranging from 9% to 9.5%.

-- As of May 19, 2009, the Company, under the Standby Equity Purchase
Agreement, or SEPA, entered into by and between the Company and YA Global
Master SPV Ltd., has raised approximately $111.6 million of gross proceeds.

**BadThad** · #3 05-20-2009, 04:22 PM

This stock is just crazy! From NASDAQ:

Quote:

Today's High / Low $ 2.10 / $ 1.75
Share Volume 30,879,825
50 Day Avg. Daily Volume 6,252,884
Previous Close $ 1.79
52 Wk High / Low $ 26.96 / $ 0.80
Shares Outstanding 18,544,000

OK, so there's only 18mil shares outstanding, but todays volume was 30mil!

Stock closed at $1.81 today....I'm letting 'em ride!

**Volatile22** · #4 05-20-2009, 05:08 PM

I entered for a small position earlier today.

The numbers are for sure interesting. Only thing I had a concern over was the chart. Looks like it might be set up for some pullback, but then again if its going to run itll run.

Thanks for the heads up on this one BT.

Chart:

**BadThad** · #5 05-21-2009, 09:12 AM

Even if there's a pull back near term, I still think this stock is worth holding on a fundamental basis. The company seems to be fine with sufficent liquidity and they are in the black during rough times. The PPS is beat down and the PE is less than 1, these all spell WINNER for the future IMO. Plus, the stock is extremely active, not like watching paint dry (i.e. TMCV). LOL

Quote:

OCNF has a debt to total capital ratio of 55.46% which is in-line with the Water Transportation industry's norm. Given that the company's operating profits are 1.53 greater than interest payments, there should be little difficulty in repaying debt.

**Volatile22** · #6 05-21-2009, 10:20 AM

Definitely not denying its a good play. Just figured itd pull back based off the chart and the fact that we are heading into a long weekend.

Im glad it has pullback because now i can pick up some more at a cheaper price.

**BadThad** · #7 05-21-2009, 10:23 AM

I have a limit buy order at $1.50 in just in case.

**Volatile22** · #8 05-21-2009, 10:50 AM

Not a bad spot. Thinking about adding some here in the 1.60s. Although it MIGHT have some more room to drop. Im keeping the buys small for now.

**BadThad** · #9 05-21-2009, 02:22 PM

Looks like my 1.50 order is dead, this stock is bouncing back up.....nothing like being mad and happy at the same time. LOL ....actually, I wish it would have dropped deeper so I could really load up.

**Volatile22** · #10 05-21-2009, 03:04 PM

Quote:

Originally Posted by BadThad

Looks like my 1.50 order is dead, this stock is bouncing back up.....nothing like being mad and happy at the same time. LOL ....actually, I wish it would have dropped deeper so I could really load up.

I know what you mean. I was able to grab more in the 1.60s. Im fairly happy now where I sit with it.