Post by
tollycraft on Jul 03, 2024 3:42pm
Share buybacks
I am and still am a strong supporter of this company. I do however think ,if they used the cash to buy back shares they could buy about fifty million shares at the present price which a little over 8% of the outstanding shares, (if my math is wrong please correct, I wont be insulted ) Apparently our average buybacks per year is about 1.4 %, I am not exactly certain about that either but if thats even close, thats about 6 years worth. Grant said he is going to allocate about $200m to buybacks and park the rest. At the end of the day I'm basically fine with that, as long as we don't use anymore money for aquisitions, at least not at this time. Oil continues to be volitile and I no longer buy the banks forcast of
$13-15 share price evaluations, they have all been saying that for a couple of years and we haven't even been close. I will however stay with this company as its still pays out a very good dividend but I sure hope something gives soon and we get a bit of a breakout. JMHO.
Good luck all.
Tollycraft