This might comfort some of you here...Article from a huge rockstar on Bay/Wallstreet. Wrote this article not too long ago. Might be on to something here and SGY might be poised to take advantage of this at some point:
https://business.financialpost.com/investing/trading-desk/loonie-is-just-two-cents-shy-of-1986-trough-when-oil-was-10-a-barrel-time-to-buy-both-says-david-rosenberg
I held (and have re-bought and still hold) this stock since around March of last year. I sold it in the summer and made a killing on it. I liked the dividend and how the company was positioned. The debt was the only thing that really worried me about the company. Once assets were sold to address the debt, I felt better about the company and do so now given where oil has taken this stock. Now with the dividend almost gone, it's tough to hold. At these prices, I am very much looking to average cost down on this stock. I hold it in an RRSP and I have no need for the cash any time in the near future.
I see this stock possibly doing a few things: 1) Management will cut the dividend entirely for the time being until oil returns to a level where they are able to introduce this again. 2) As oil recovers (and it will, but who knows when), this may position SGY as a takeout candidate trading at these levels. I could see CPG as a suitor for SGY (if I recall correctly, management has a history with both companies in some capacity). It may make the most sense for SGY at this point. Given the drop in oil, I would imagine that a thining of the herd will take place during the oil recovery and really only major players will be left standing.
Just my two cents, but I think SGY is a steal at these prices and I think management realizes this (with the news of recent insider purchasing). I wouldn't be throwing $50,000 at something that was going to lose money and those guys know more than we do. If your risk tolerance is there, this could be a good time to do it.
GTLYA DYDD