A good strategic place to take up the buy back again- soon after...

A good strategic place to take up the buy back again- soon after it goes ex-div- a time when a dividend paying stock is vulnerable.

The were allowed to buy up to 89.87c per share. They bought from 83.75 to 85c per share inclusive- neither the lowest nor the highest prices for the day.

The SP was much lower when the buybacks commenced. The SP rose strongly thereafter but then so did the market.

I will follow this with interest. My thinking is that this could put a floor under the price somewhat as the macro unfolds.

Hopefully, the next big driver for this will be confirmation, or otherwise, that the slow start to the calendar year has been a blip. The slowness in uptake in demand for rigs after the break was not quantified.

IMHO DYOR