GOGL Announces Renewal Of Share Buy-Back Program; $100M To Purchase Up To An Aggregate Of 10M Common Shares, With 1,507,328 Shares Repurchased $11,629,758 As Of The Date Hereof; A Period Up To 12 Months From And Including 5 October 2023
Portfolio Pulse from Benzinga Newsdesk
Golden Ocean Group Limited (NASDAQ:GOGL) has announced the renewal of its share buy-back program for a maximum period of 12 months, starting from October 5, 2023. The company plans to spend up to $100 million to purchase up to 10 million of its common shares. So far, 1,507,328 shares have been repurchased for a total of $11,629,758. The company's Interim CEO, Lars-Christian Svensen, stated that the extension is in the shareholders' interest and will be used opportunistically as a supplement to the company's long-term focus on dividends.
October 03, 2023 | 3:03 pm
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Golden Ocean Group Limited's renewal of its share buy-back program could potentially increase the stock's price in the short term as it reduces the number of shares in circulation, thereby increasing the earnings per share.
Share buy-back programs are generally seen as a positive signal by the market as they reduce the number of shares in circulation, which can increase the earnings per share. This can potentially lead to an increase in the stock's price. However, the actual impact will depend on various factors including market conditions and investor sentiment.
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