Just a thought...No matter what's happening in the stock market right now, natural gas shortage is still here and it most likely won't change for a few years to come.
If we take $7.25 as the average strip price for Q2, we'll be looking at ~$43MM in FCF for April-June or ~$172MM annualized. PNE can easily pay off their debt by the end of this year and still have a treasure chest of FCF for a growth wedge and further enhancement of shareholder value via an increased dividend or "special" dividend.
Personally, I don't see share buybacks as being an issue in PNE's case... the stock is ~30% owned by insiders and it's obviously important that the company maintain liquidity in the stock.
Forecasts are for NG to be $8 by the end of 2022 and $9 by the end of 2023. If this comes to fruition, we'll be well above today's share price.
Have a great weekend folks!