Reported Earlier, Civeo Renews Share Repurchase Authorization For Up To 5% Of Outstanding Shares
Portfolio Pulse from Benzinga Newsdesk
Civeo has renewed its share repurchase authorization, allowing the company to buy back up to 5% of its outstanding shares over the next year. The repurchases will be funded through cash on hand and cash generated from operations.
September 12, 2024 | 8:25 am
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POSITIVE IMPACT
Civeo's decision to renew its share repurchase authorization for up to 5% of outstanding shares could positively impact its stock price by reducing the number of shares available in the market, potentially increasing earnings per share.
Share repurchase programs often lead to a positive impact on stock prices as they reduce the number of shares available in the market, which can increase earnings per share and signal confidence from the company's management. Civeo's use of cash on hand and operational cash flow to fund the buyback further indicates financial stability.
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IMPORTANCE 80
RELEVANCE 100