Overseas Shipholding Group shares are trading higher after the company greed to purchase 3,788,639 shares of its common stock from entities managed by Cyrus Capital Partners.
Portfolio Pulse from Benzinga Newsdesk
Overseas Shipholding Group (OSG) has agreed to purchase 3,788,639 shares of its common stock from entities managed by Cyrus Capital Partners. This has led to a rise in OSG's share price.
August 28, 2023 | 1:21 pm
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OSG's decision to buy back shares from Cyrus Capital Partners has led to an increase in its stock price.
Share buybacks often lead to an increase in the stock price as they reduce the number of shares in circulation, thereby increasing the earnings per share. This is likely the reason for the rise in OSG's stock price.
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