PXT needs to change their Shareholder Return Plan tomaintaining current dividend PLUS special dividend or buybacks. Renew the NCIB but have it on standby only, don't execute it until share price crashes to Crazy Stupid low price due to oil price crash or market crash, in the meantime build up cash balance or issue special dividend with the extra cash saved by not doing buybacks.
Clearly buybacks have failed if the intended purpose was to support share price. After several years and 60+ million shares bought back, share price is near 10 year lows.
Change the Shareholder Return Plan to Dividends and Special Dividends. Save the NCIB for when oil prices crash or the market crashes and if PXT share price nose dive into the low single digits.
Reward shareholders that hold with dividends and special dividends, not shareholders that sell with NCIB.