HF Sinclair Plans $1B Share Buyback
Portfolio Pulse from Shivani Kumaresan
HF Sinclair Corporation (NYSE:DINO) has authorized a $1 billion share repurchase program, replacing all existing authorizations. The company held $1.6 billion in cash and equivalents as of June 30, 2023. DINO shares closed lower by 2.99% at $56.22 on Tuesday.
August 16, 2023 | 11:55 am
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HF Sinclair's new $1 billion share repurchase program could potentially boost its stock price in the short term. However, the company's shares closed lower by 2.99% at $56.22 on Tuesday.
Share buybacks often lead to an increase in the stock price as they reduce the number of shares outstanding, thereby increasing earnings per share. However, the market's reaction to the news will also depend on other factors such as the company's overall financial health and market conditions.
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IMPORTANCE 75
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