Stock price when the opinion was issued
Chart shows a channel formation in 2012 and 2013, followed by a severe drop in the last half of 2014. This is not a good sign. Feels that the sudden drop has taken the stock so far from the mean that it should rebound. If crude continues lower, there is no bottom in sight for the stock. If you are trading, and it makes a 52-week low, he would sell immediately.
If they were being bought out, would he buy? It was not bought originally for a takeover. It means when it does happen, the reason for the investment is no longer there. He would get out of there, sell on the speculation.