Valero Energy shares are trading higher after the company's board on Friday authorized a share repurchase of up to $2.5 billion.
Portfolio Pulse from Benzinga Newsdesk
Valero Energy's board has authorized a share repurchase of up to $2.5 billion, leading to a rise in the company's share prices.
September 18, 2023 | 1:50 pm
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Valero Energy's share repurchase of up to $2.5 billion has led to an increase in its share prices.
Share repurchases often lead to a rise in the share price as they reduce the number of shares outstanding, thereby increasing earnings per share. This move by Valero Energy's board is likely to be viewed positively by investors, leading to increased demand for the shares and hence a rise in the share price.
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