RE:RE:RE:Survey (choice #1): Buybacks would be the best for shareholders, if the thesis is that Pey is discounted right now due to cyclical forces. If it's not and truly Pey is not worth $6 then all longs are currently wrong and I should dump it. By the fact of me holding then, the best return on capital for shareholders right now would be buybacks. Reducing leverage means Pey thinks it can't produce positive return on capital with current interest rates. Another reason to dump the stock then.
sportstermathew wrote: The way prices are going for PEY it may be under $5 or $4 even in the next few months.
I will buy more in the $4 to $5 range, average in.
I thought oil and gas prices were up higher today, prices not doing too much but at least in the right direction.
Maybe there were other reasons for not buying back shares, need a certain amount of market cap. Even if you bought back 60 million at a dollar, and the stock price does little differently then all you have done is reduce the market cap.
Look at BNE, only about 30million shares and stock price almost mirrored PEY's. Granted they have five to six times less production but to get that stock market cap up will be forever.
I feel we need some consistent pricing for six to twelve months first and then see where things go from there.