Maintain the rage! These guys are proper muppets and I can’t wait to vote down the rem report when I get the opportunity. It’s also fairly obvious that management or those close to management are posting on HC.
As an aside my main thesis is that i’m super bullish oil and I think a rising tide will lift all/most boats so management will get lucky. Best case scenario is a take out and full capital return but I don’t trust these guys at all. They’ll probably try and reinvest proceeds to keep the gravy train going.
The one thing I will say they’re doing right is they’ve finally picked the right strategy which is to maximise FCF and distributions to holders. In a high oil price environment and a focus on costs this should do pretty well. Plus sentiment here is terrible so being ‘less terrible’ is outperforming and can lead to some capital growth if you can get your mind around that.
CE1 Price at posting:
8.8¢ Sentiment: None Disclosure: Held
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