RE:RE:RE:Every company is buying back but Cardinal Buying back debentures at ~5% discount is a good idea.
Buying back shares at ~50% discount is a terrific idea.
Cardinal's 2017 finding cost was $12 boe.Cardinal is currently trading for $5 boe.
Hard to justify drilling when you're spending two and a half times what your reserves
are trading for.Doing one's drilling on the stock exchange floor is not only less risky
but in Cardinal's case a lot more profitable.Dividend payers have another good reason
for buying back shares.Every share bought back is one less share to pay dividends
on forever.Based on Cardinal's old dividend, the current yield would be closer to 20%.
The future savings for each share bought back is tremendous,similar to paying off
one's credit card balance.
Should Cardinal be buying back shares? Every possible share (issuer bid, max 10%)
and a Dutch auction for the rest.