RE:RE:Trican has bought back 16.6% of entire float since Jan 2018That’s not the way accounting works. The buyback is not a P/L item and thus does NOT affect earnings.
What people aren’t realizing is that they had positive cash flow (EBITDA of $36M) which is quite good and can be used for share buybacks. The earnings reflect a loss on the FRAC investment since they mark it to market every quarter, but that is a not cash charge. Incidentally, FRAC is up quite a bit since then, which, if it holds means it will boost earnings next quarter.
The bottom line is that the balance sheet is healthy and they are using the excess cash that they are generating to buy back stock. This is a good thing, and will leverage earnings when things turn. Also,