Quanta Services Announces $500M Buyback
Portfolio Pulse from Benzinga Newsdesk
Quanta Services has announced a $500 million share buyback program. The company's board of directors has authorized the repurchase of its common stock, which is expected to be funded through cash on hand and future cash flows.
May 24, 2023 | 11:06 am
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POSITIVE IMPACT
Quanta Services' $500 million share buyback program is expected to have a positive short-term impact on its stock price.
Share buybacks typically have a positive impact on stock prices as they reduce the number of outstanding shares, increasing earnings per share and potentially boosting the stock price. Quanta Services' buyback program is expected to be funded through cash on hand and future cash flows, indicating a strong financial position.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100