No Divy increase meanwhile Management issued themselves 15m Now that I have had time to think about it I am quite pissed they ignored long suffering shareholders though took care of themselves.
Did they buy back shares so that it doesn’t look as bad if they issue new ones?
The thing is SU did execute. Costs were way down across the board. Production was up. Profits had a huge bounce back.
I just don’t get the buying back shares thing. I get it - it lessens the float so that the numbers are better over the long term. Thing is SU has been buying back shares for years and all we got was a trip to $14 and now nowhere near back to the $30’s and $40 where so many loyal shareholders are stuck. Share buybacks might pay off over a long term. Dividends fuel stock appreciation because it puts money right in the shareholders pocket right now. Meanwhile people have to fund their retirement. Not everyone can wait ten years for the buybacks to be material. A lot of people have been waiting a long time already.
With the yield at 3% already I’m not sure I see a lot of upside for the share price over the next while. If oil hits $85 it should be good for SU’s bottom line though we now know all that money will go to share buybacks.
On the other hand I can’t see much downside either. SU is really solid right now. Not much reason for it to go down except pissed stockholders.