Fear. You know they want/need to get their credit metrics in line, but people are afraid to invest and get slammed with a 2nd...me included. With a 2nd out of the way, I think this could fly...I'd be back in for a couple thousand shares. The only other option is to hold on until the next earning cycle and hope for really strong cash flow coverage to drive the price up. But, until the 2nd hits there's a cap on the price people are willing to pay. JMHO
They need to give the 2nds a rest - enough already. Pay down debt from cash flow for the next six months, get the sp up to 22- 23 and then do it when energy isn't getting traditionally hammered during summer.