Murphy's Board of Directors Increased Stock Buyback Authorization By $500M With $800M Remaining Under Current Program
Portfolio Pulse from Benzinga Newsdesk
Murphy's Board of Directors has increased the stock buyback authorization by $500 million, leaving $800 million remaining under the current program. In 2024, Murphy repurchased $150 million of stock, totaling 3.8 million shares at an average price of $39.70 per share.
August 08, 2024 | 10:04 am
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Murphy's Board of Directors has increased the stock buyback authorization by $500 million, with $800 million remaining. This move indicates strong confidence in the company's future performance and is likely to positively impact the stock price in the short term.
The increase in stock buyback authorization by $500 million suggests that Murphy's Board of Directors is confident in the company's future performance. Stock buybacks generally reduce the number of shares outstanding, which can increase earnings per share and potentially boost the stock price. With $800 million still available for repurchases, this move is likely to have a positive short-term impact on Murphy's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100