Gulfport Energy Expands Common Stock Repurchase Authorization By 63% To $650M
Portfolio Pulse from Benzinga Newsdesk
Gulfport Energy has expanded its common stock repurchase authorization by 63% to $650 million. Since the inception of the repurchase program, the company has repurchased approximately 3.9 million shares of common stock for $331.3 million.
September 20, 2023 | 8:16 pm
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POSITIVE IMPACT
Gulfport Energy's expansion of its stock repurchase program could potentially increase the stock's price in the short term as it indicates the company's confidence in its own stock.
Stock repurchase programs are often seen as a sign of a company's confidence in its own stock. By buying back its own shares, the company is effectively investing in itself, which can be seen as a positive sign by investors. This could potentially lead to an increase in the stock's price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100