Discover the energy stocks with the biggest stock buyback authorizations last quarter, Q2 FY 2023
Buybacks
July 3, 2023
Teekay Tankers Ltd. recently unveiled an updated capital allocation plan, supplementing its focus on maintaining a strong balance sheet and timely fleet reinvestments with a commitment to returning capital to its shareholders. To kickstart this initiative, Teekay Tankers introduced a regular, fixed 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 share. Both dividends will be payable on June 2, 2023, to common shareholders of record as of May 22, 2023. Additionally, Teekay Tankers' Board of Directors has authorized a share repurchase program, allowing the repurchase of up to $100 million of Teekay Tankers's outstanding Class A common shares. This buyback program offers flexibility in terms of timing and methods, including open market transactions and privately-negotiated deals, subject to regulatory compliance. The specifics of the repurchase, such as the timing and number of shares to be bought, will be at Teekay Tankers's discretion.
Navigator Holdings Ltd. reported operating revenue of $136.0 million for Q1 2023, with net income of $18.8 million and earnings per share of $0.25. Navigator's adjusted EBITDA reached a record high of $69.0 million, and fleet utilization improved to 96.2%. Navigator also refinanced its credit facilities and acquired four new vessels. In May 2023, Navigator completed its $50.0 million share repurchase plan, buying back and canceling 3,809,947 common shares. Following this, Navigator announced a new return of capital policy, authorizing a share repurchase plan of up to $25.0 million and a quarterly cash dividend of $0.05 per share, representing 25% of net income for the quarter.
Overseas Shipholding Group, Inc. (OSG) recently announced an increase in its stock repurchase program, authorizing an additional $10 million for the repurchase of Overseas Shipholding Group's common stock. This brings the total value of the program to $20 million. Sam Norton, OSG's President and CEO, emphasized that the Board of Directors carefully considers opportunities for the use of available cash in the best interest of OSG's stockholders. The repurchase program, which has no set timeframe, allows Overseas Shipholding Group to buy back shares through open market or privately negotiated transactions, adhering to applicable laws and market conditions. The program can be suspended, modified, or discontinued at any time without obligating OSG to purchase a specific amount. OSG intends to finance the share repurchase program using its excess cash.
ProPetro Holding Corp. (PUMP) recently authorized a $100 million share repurchase program, demonstrating its commitment to enhancing shareholder value. The program aligns with ProPetro Holding's strategy to create value, given its strong financial performance and substantial gap between equity value and stock price. ProPetro plans to execute the share repurchase program opportunistically, considering market conditions, business outlook, capital position, and liquidity, while maintaining a robust balance sheet. The program allows for the repurchase of up to $100 million of outstanding common stock until May 31, 2024, representing approximately 13% of the current market capitalization. The timing, quantity, and value of shares repurchased will be determined at ProPetro Holding's discretion, considering various factors. ProPetro expects to fund the repurchases using cash on hand and expected future free cash flow.
SandRidge Energy, Inc. recently made several significant announcements. Firstly, the Board of Directors has declared a one-time dividend of $2.00 per share, totaling approximately $74 million. This dividend will be paid on June 7, 2023, to shareholders of record on May 24, 2023. Additionally, the Board has authorized an ongoing quarterly dividend of $0.10 per share, expected to begin in August 2023 and continue on a quarterly basis thereafter. Furthermore, SandRidge has approved a $75 million stock buyback program, enabling the purchase of shares from the open market using available cash. These decisions reflect SandRidge Energy's commitment to enhancing shareholder value and its focus on strategic growth opportunities. By optimizing cash allocation, pursuing mergers and acquisitions, and maintaining prudent capital allocations, SandRidge aims to achieve attractive returns for its shareholders while navigating the current commodity price environment.
All data was sourced from LevelFields AI
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