Summary
- Oil States International endured tough times during the past three years due to the severe downturn following the Covid-19 pandemic.
- After seeing a cash flow drought during 2021, their results during 2022 saw them turning a corner.
- As a result, their shareholder returns have been finally reinstated now in early 2023, thereby starting with a $25m share buyback program.
- Even though I suspect more is likely coming given their positive outlook and solid financial position, I am nevertheless disappointed by the lack of dividends.
- I feel these provide a preferred path for shareholder returns in their cyclical industry and, therefore, I only believe that a hold rating is appropriate.
For further details see:
Oil States International: Shareholder Returns Finally Reinstated, More Is Likely Coming