Banked Profits on Bronco Drilling: Natural Gas Far From Recent Highs

On January 16, after picking up shares at $13.72, I stated that Bronco Drilling (BRNC) should hit $16.50 on a bounce and perhaps up to $20 with a strong recovery in natural gas. Since then, we got the bounce in the stock, and some lift in the underlying commodity.

That said, natural gas is nowhere near recent highs, and BRNC is a bit extended. I have happily banked my profits and will watch Bronco Drilling from the sidelines for now.

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Disclosure: I have no position in BRNC.