RE:RE:RE:Paranoia and fear Share buy backs reduce the float and increase current shareholders percentage ownership of the company. Splits are an accounting exercise which do not change the ownership percentage. You want the share price in a range that is low enough to afford a share (Berkshire) and high enough it isn't perceived as a penny stock, but otherwise itisn't a big deal. What does matter is the signaling of a share consolidation. It is perceived as a signal a stock is not doing well.
I'm not normally a fan of share buybacks, I would rather determine what I want to invest in. At these prices I would be buying more O&G so I'm agnostic with the current NCIB's. It does have the advantage of buying up weak hands.
I do like debt paid off, but don't care if it goes to zero. Leverage as long as the company is financially stable with negative shocks is fine.
Regular dividends are my favourite shareholder return. One, I get the money and two, it is easy for fund investors to determine a fair value of the income stream (dividend discount model modified Black–Scholes etc). Variable dividends I prefer less, but thjat can be the way to go with highly variable income streams. Special dividends are my least favourite, but I still get the money.
However, this is MY opinion. Others can have different opinions. Doesn't mean either of us are wrong, we just value different things. I don't get why some people need to prove their opinion is the correct opinion. Whatever happened to listening respectfully to others accepting differing views?