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Equity Actions

IMPP

Imperial Petroleum Inc. has agreed to repurchase 3.2 million warrants. This move could potentially reduce the dilutive impact of these warrants on existing shareholders and may reflect management's confidence in the company's future prospects.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:28 pm

IPA

ImmunoPrecise Antibodies Ltd. (IPA) shares have dropped following the announcement of a $1.1 million public offering of common shares. The offering is likely dilutive to existing shareholders, causing the stock price to decrease.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:18 pm

C

Citigroup's CFO announced at the Goldman Sachs conference that the bank plans to conduct approximately $500 million in share buybacks during the quarter.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:16 pm

TER

Teradyne (NYSE:TER) has seen a decrease in short interest, with the short percent of float dropping 4.07% since the last report. The company has 3.80 million shares sold short, representing 2.83% of available shares. The average time to cover these short positions is 2.16 days. A decrease in short interest can indicate a more bullish sentiment towards the stock. Teradyne's short interest is below its peer group average of 6.84%.

Portfolio Pulse from Benzinga Insights

December 06, 2023 | 2:15 pm

RUSHA

RUSHB

Rush Enterprises, Inc. has initiated a new stock repurchase program authorizing up to $150 million in buybacks of its Class A and Class B common stock. Concurrently, the company repurchased 1.5 million shares of Class B stock from its CEO, W.M. 'Rusty' Rush, for $65.3 million. This repurchase is part of Rush's financial diversification and tax planning, and it was funded with cash on hand. The new program replaces the prior one, which had already reached its $150 million limit. The repurchase program is set to expire on December 31, 2024, and may be adjusted depending on market conditions.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:02 pm

OSG

The board of Overseas Shipholding Group has authorized a stock repurchase program of up to $25 million of its common stock. This move reflects the company's confidence in its financial stability and the belief that its stock is undervalued. The repurchase program is expected to be accretive to earnings per share by reducing the number of shares outstanding, potentially leading to a positive impact on the stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:02 pm

AFCG

REFI

Zuanic & Associates initiated coverage of Chicago Atlantic Real Estate Finance Inc. (REFI) with an Overweight rating, highlighting its unique position as a capital provider to the cannabis industry with high Yield-to-Maturity rates due to a capital supply-demand imbalance. REFI's core business is providing senior loans to state-licensed cannabis operators, and it is managed by Chicago Atlantic REIT Manager LLC. The cannabis sector's limited banking access and potential federal reform could expand REFI's opportunities. REFI has a competitive advantage with shorter loan durations, lower loan-to-value ratios, and a modest debt leverage. It is compared favorably to AFC Gamma Inc. (AFCG), with expectations of annual loan book growth of 10% and a robust dividend yield.

Portfolio Pulse from Nicolás Jose Rodriguez

December 06, 2023 | 1:57 pm

PXD

XOM

Exxon Mobil Corporation (XOM) projects increased oil and gas production, aiming for 4.2 million barrels per day by 2027, with a focus on growth in the Permian and Guyana. The company has improved its earnings power since 2019, adding about $10 billion to its annual earnings and cash flow. Exxon Mobil plans to grow annual earnings and cash flow by $14 billion from year-end 2023 through 2027 and achieve $6 billion in additional structural cost reductions by 2027. Upstream earnings are expected to more than double by 2027. Capital expenditures are projected to be $23-$25 billion in 2024 and $22-$27 billion annually from 2025 through 2027. The company is on track for $17.5 billion in share repurchases in 2023 and plans to increase this to $20 billion annually through 2025 after the Pioneer Natural Resources Company (PXD) merger, subject to market conditions. However, the merger is under scrutiny by U.S. antitrust enforcers. ExxonMobil is also investing in lower-emissions opportunities, with more than $20 billion planned through 2027. XOM shares saw a slight decrease in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 1:55 pm

SKT

Tanger Factory Outlet Centers has entered into an 'At-The-Market' equity offering sales agreement as of December 6, according to an SEC filing. The company may sell or offer shares up to a value of $250 million.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:54 pm

C

SPY

Citigroup CFO Mark Mason commented at a Goldman Sachs conference that both the corporate and consumer base in the U.S. have shown remarkable strength and resilience. He expressed the belief that the economy is headed towards a soft landing, indicating a positive outlook for the financial sector.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:48 pm