Discover the biggest stock buyback authorizations from the month of May
Buybacks
June 9, 2023
Gevo, Inc. has recently announced that its Board of Directors has approved a stock repurchase program, allowing for the potential repurchase of up to $25 million worth of its common stock. This initiative reflects Gevo's confidence in its future prospects and addresses what they perceive as an undervaluation of their stock. Gevo aims to opportunistically repurchase shares while ensuring sufficient funding for its development projects. The stock repurchases may occur through open market transactions or privately negotiated deals, in accordance with relevant securities laws and legal requirements. The timing and extent of repurchases will be determined at the discretion of Gevo, considering market conditions and other factors. It is important to note that Gevo is not obligated to repurchase a specific amount of stock and retains the flexibility to suspend or terminate the program at any time. The stock repurchase program will be executed by H.C. Wainwright & Co. on behalf of Gevo.
Teekay Tankers Ltd. (NYSE:TNK) recently announced an update to its capital allocation plan, reflecting a focus on returning capital to shareholders in addition to maintaining balance sheet strength and strategic fleet investments. As part of this plan, Teekay Tankers has introduced a regular quarterly cash dividend of $0.25 per outstanding share of Class A and B common stock, along with a special cash dividend of $1.00 per outstanding share. These dividends will be payable on June 2, 2023, to all common shareholders of record as of May 22, 2023. Furthermore, Teekay Tankers' Board of Directors has authorized a share repurchase program, allowing for the buyback of up to $100 million of the company's outstanding Class A common shares. The program grants flexibility in executing repurchases through various methods, such as open market purchases and privately-negotiated transactions, subject to regulatory rules and Teekay Tanker's discretion.
Navigator Holdings Ltd. (NVGS) recently reported operating revenue of $136.0 million for the three months ended March 31, 2023, representing an increase compared to the same period in 2022. Despite a decrease in net income and earnings per share, adjusted EBITDA reached a record $69.0 million, showcasing Navigator's financial strength. With fleet utilization and average daily time charter equivalent rate on the rise, Navigator Holdings Ltd. has authorized a stock buyback program of up to $25.0 million, following the completion of a $50.0 million share repurchase plan.
ProPetro Holding Corp. (PUMP) recently authorized a $100 million share repurchase program, reflecting ProPetro's commitment to creating value for its shareholders. This decision follows the strong financial performance and consecutive positive net income achieved in the past three quarters. With confidence in its current and future financial and operational performance, ProPetro believes that its stock offers a unique investment opportunity, given the significant gap between its equity value and strong financial performance. The share repurchase program, which accounts for approximately 13% of ProPetro's market capitalization, will be executed opportunistically, considering market conditions, business outlook, capital position, and liquidity, while ensuring a robust balance sheet. In addition to the announced program, ProPetro will explore other strategic capital allocation methods. The repurchases, which may be conducted through various means, including open market transactions and privately negotiated deals, will be determined by ProPetro based on factors such as intrinsic value, market price, economic conditions, liquidity, legal requirements, investment opportunities, and other considerations. ProPetro is not obligated to make any purchases, and the program may be adjusted or terminated without prior notice. Cash on hand and anticipated free cash flow will finance the repurchases.
Ponce Financial Group, Inc., the holding company for Ponce Bank, recently announced the authorization of a share repurchase program aimed at enhancing shareholder value. The program allows Ponce Financial to repurchase up to 1,235,000 shares of its common stock, which represents approximately 5% of the total outstanding shares. These repurchases will be conducted through a pre-arranged stock repurchase plan, adhering to the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Additionally, Ponce Financial may engage in privately negotiated transactions at prevailing market prices, considering market conditions. The repurchased shares will be held as treasury shares and can be utilized to fund restricted stock units and option grants under the existing or future equity plans of Ponce Financial. The program remains subject to SEC regulations, market limitations, and may be extended, suspended, or terminated at any time without prior notice, with an expiration date set for May 15, 2024.
SandRidge Energy, Inc. recently made significant announcements regarding its financial strategy. The Board of Directors declared a one-time dividend of $2.00 per share, amounting to approximately $74 million, which will be paid to shareholders on June 7, 2023. Additionally, the Board authorized an ongoing quarterly dividend of $0.10 per share, set to commence after the second quarter of 2023 and expected to be paid starting in August 2023, with subsequent payments each quarter. In a move to enhance shareholder value, SandRidge Energy has also approved a $75 million stock buyback program, which will involve purchasing shares from the open market using available cash reserves. SandRidge Energy aims to maintain flexibility for future value-adding merger and acquisition opportunities while prioritizing the responsible growth of its asset base and the allocation of capital to projects with attractive returns in the current commodity price environment.
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