RE:Investors should take comfort…here are some of the big factors I see for the decline in arx stock
management turmoil. I recall a year or so ago that arx lost some seasoned talent.
the replacements are mostly arx insiders --- but without the flair, and creativity of manfgement at tou, which hatched topaz.
the acquisiton of 7g was out of character and not justified by the numbers. nor did it make sense geographically. for example arx never quantified that it was accretive, or when it would be, on fcf per share basis. In addition the acquisition made arx more leveraged.
During the downturn, arx was forced to cut their dividend twice and has made it quarterly while tourmaline has raised theirs multiple times and has never cut. tourmaline has assumed the postion of safe nat gas play in a big way. the safe and secure play used to be arx and now it's tou.
management at tou is seen to have more skin in the game. tou is also perceived to be more entreprenurial. and that has proven out over this downturn, which has transformed tou.
I believe tou has become the "old" arx, but on a far larger scale.