When we last looked at New Zealand Refining Ltd [NZR.NZX] back in May 2011 its shares were trading at $4.50 and its prospects at that time were starting to look better as oil prices continued to climb and refining margins increased.
In June 2010 I picked the stock at $3.10 for the same reasons as stated above.
Yesterday the NZR finished trading at $3.72 for the day after reaching $3.50 2 weeks ago and a 52 week high of $5.20 in late February.
It seems the market was not enamored of the NZR Throughput and Margin Report for March-April 2011 out early June which showed that a 10 day outage of some crucial plant impacted on margins. This is a temporary outage though and margins have since been restored.
This is a good opportunity to get in while the stock price is low and even though global oil prices are under some pressure the price per barrel is unlikely to fall much lower considering demand from Asia.
This stock was in the 2011 Share Investor Stock Picks at $3.95.
NZR 5 year margin & throughput report
*A heads up to Share Investor Blog reader Phillip for informing me of the drop in NZR. I would buy Phillip.
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