RE:Nuvista, a top Paramount holding completes NCIBNuvista has accelerated their program and have 3 rigs working full time for operational efficiency, and in watching them operationally they are very good at execution, i would say excellent.
I feel a bit for NVA the company because they have Eric Nuttal on the stock, and POU with a massive position of 37.3 million shares. We know that Eric is hammering them to buy back more stock, and to forgo hedging, and stop the hedging losses.The have commited to returning 75% of FCF to shareholders.
I think your correct and believe they will put a secondary NCIB in place as quickly as they can, and will buy back as much as they can at this price, and don't forget 2023 is the last year they will be able to do buybacks without paying a 2% tax to the government.
I am almost 100% sure NVA has met their net debt target, so i would not be surprize to put out a press release in regards to their current production. They they are going to extend the share buybacks, and they are comfortable with the rampup at the pace of 3 full time rigs.
NVA has pretty well all Tier1 prospects, Wapiti, Pipestone, and Bilblo (Karr neighbor) so there is nothing holding NVA back.
I think they are oversold, they have great netbacks and I think the market is a bit slow to start with China in a bit of a mess, warm weather in Europe, and the SPR still spewing out oil. All this things will take care of themselves, and with a little extra capital NVA has enough acreage to ramp up production to 130,000 boe/day ultimately over time.
I like NVA and I do trade it from time to time opportunisticly, but i am all in with POU these days waiting for my special dividends. NVA with the buyback are making POU a bigger owner all the time. I feel NVA float is reasonable, and i don't think their a fixer upper stock, (not to much Debt, not to many shares).
I am not sure what they are going to do with all the FCF in 2023, they will be one of the shinning stars.
IMHO