I think you have it nailed, Ewan. I've felt that production must have started a while ago and END is waiting for it to stabilize before announcing greater than expected volumes. As for the shorts, well, they've been had for quite a while. Don't feel bad for them....they made a pile on the way down. Some just stayed too long.
I'm puzzled how you could suggest fixing what isn't broke.
"After several slow years....." Come on, the stock is up over 800% from its 2009 low. What's slow about that? If being up only 13% so far this year is disappointing for you perhaps, you should simply move on. As for me, I am happy to see that kind of annual gain. They are steady and conservative and their divvie will get increased again soon.
Today, GS called DFS their favorite credit card stock. Raised the price target to $60. Currently trades at only 10x 2014 EPS.