Archrock, Inc. (AROC) Announces $50 Million Share Repurchase Program to Supplement Quarterly Dividend and Increase Shareholder Returns
Buybacks
April 29, 2023
April 28, 2023
Archrock, Inc. (AROC) has announced a new $50 million share repurchase program called the "2023 Share Repurchase Program." This program has been authorized by the company's Board of Directors, allowing the company to buy back shares of its common stock periodically, including in the open market, privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, at any time until April 27, 2024. The actual timing, manner, number, and value of shares repurchased under the program will be determined by the Company at its discretion.
In addition to the share repurchase program, Archrock has also declared a quarterly dividend of $0.15 per share of common stock, or $0.60 per share on an annualized basis. The first quarter 2023 dividend will be paid on May 16, 2023, to all stockholders of record on May 9, 2023.
Archrock's President and Chief Executive Officer, Brad Childers, stated that "with the rapid tightening in compression market fundamentals and our continued confidence in Archrock's financial outlook, we are accelerating our plan to increase shareholder returns and supplementing our compelling quarterly dividend with a share repurchase program." Childers added that the company believes it is in an enviable position, with significant earnings power and cash flow growth forecasted ahead, and that they remain committed to creating and returning value to shareholders.
Childers further explained that the authorization of the share repurchase program provides an additional capital allocation tool and the flexibility to opportunistically act on any broader market dislocation. As the path to a leverage ratio of below 4.0 times this year becomes clearer, the share repurchase program allows the company to supplement its quarterly dividend and increase shareholder returns.
Members of LevelFields received the alert of this event on April 28, 9:30 AM ET
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