RE:RE: PIPE bought back 250,000 shares today.The 'sell at the bottom, but at the top' approach seems an odd use of capital to me. I know we can't change the past and investing is all about the future, but of all the ways they could use their free cash, buying back equity is down the list.
I'd prefer they get debt lower faster, then start paying a modest dividend.
But at $70 WTI they will be generating serious free cash flow per share in 2022 and beyond and will have options on what to do with the cash. Modestly reducing the share count may improve the share price at which they're bought out (I'm assuming that's still the logical end here), but nothing is more reliable than a fully funded dividend, however modest, being deposited quarterly. Think it would make it more attractive to certain funds, too and improve the base that would buy PIPE shares. Right now it feels like us and PIPE itself.