I have posted ad nauseum about why buybacks are better than dividends for UNDERVALUED stocks with excess cash flow. .
see my post from the CEN board explaining the logic:
also read my MMT posts 3210, 3213 and 3227 in the thread with Oullins
I agree completely with VC. I was a LARGE institutional investor until 4 yrs ago and I am a LARGE private investor now. People who want safety and income buy XOM or CHV for the 3% yield. They would never go near a small cap Nigerian E&P even if the yield was 20%.