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Equity Actions

ING

ING has announced a €2.5 billion share buyback program, which is expected to bring its CET1 ratio closer to the target of 12.5%. The program will commence on 3 November 2023 and is expected to end no later than 19 April 2024.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 7:45 am

SHEL

Shell expects its cash capital expenditure (capex) for the fiscal year 2023 to be between $23 billion and $25 billion. The company also anticipates an adjusted earnings net expense of $2.8 billion to $3 billion.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 7:40 am

SHEL

Shell plc has announced the commencement of a $3.5 billion share buyback program, aimed at reducing the issued share capital of the company. The program, which is expected to be completed before the Q4 2023 results announcement, will see all repurchased shares cancelled.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 7:24 am

BRK

BYDDF

Charlie Munger, vice-chairman of Berkshire Hathaway, expressed concerns about the aggressive nature of the auto industry, particularly with the rise of electric vehicles. He mentioned his investment in BYD, a Chinese battery maker and major player in the EV market, which he persuaded Warren Buffett to acquire a 9.9% stake in 2008. Despite his admiration for BYD and its CEO, Munger admitted the company's aggressive strategies make him nervous.

Portfolio Pulse from Benzinga Neuro

November 02, 2023 | 4:41 am

TS

Tenaris's board has approved a share buyback program of up to $1.2 billion, which is to be executed within a year.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 9:58 pm

BURU

NUBURU, Inc. (NYSE:BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, has appointed Brian Knaley as the new CEO, replacing Dr. Mark Zediker. Knaley, who served as the company's CFO since February 2022, has over 25 years of experience in finance and operations. The company's board is confident in Knaley's ability to lead NUBURU's next phase of growth.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 9:58 pm

CSGS

CSG Systems International has updated its FY23 earnings per share (EPS) forecast from $3.42-$3.58 to $3.50-$3.70, compared to the estimated $3.5. The company also expects its revenue to be between $1.150B-$1.175B, higher than the estimated $1.09B.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 9:57 pm

NGVT

Ingevity Corporation (NYSE:NGVT) has announced a repositioning of its Performance Chemicals business, including the closure of its DeRidder, Louisiana, facility and additional cost reduction actions. The company aims to focus on higher margin and higher growth specialty products, diversify feedstocks, and optimize its manufacturing network. The total estimated business and corporate savings are expected to be $65-75 million, fully realized in 2024. The company expects to record charges associated with the DeRidder closure and restructuring of approximately $280 million. The actions taken are expected to result in a steady state Performance Chemicals segment EBITDA margin of 15-20% and total Ingevity margin of 25-30%.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 9:55 pm

RYN

Rayonier Inc. (NYSE:RYN) has announced a plan to sell $1 billion of select assets over the next 18 months, aiming to reduce its leverage to ≤3.0x Net Debt / Adjusted EBITDA and return capital to shareholders. The first step of this plan is the sale of 55,000 acres in Oregon for $242 million. The company aims to enhance shareholder value by capturing the disparity between public and private timberland values and reducing debt in a higher interest rate environment.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 9:53 pm

MYRG

MYR Group Inc. (NASDAQ:MYRG) has announced a new share repurchase program, authorizing the company to repurchase up to $75 million of its outstanding shares. The program will be funded with cash on hand and through borrowings under its credit facility. The program will expire on May 8, 2024, or when the authorized funds are exhausted. The company's prior $75 million repurchase program is scheduled to expire on November 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 9:44 pm