OSG - Overseas Shipholding surges after doubling stock buyback program to $20M
2023-06-21 14:12:58 ET
Overseas Shipholding Group ( NYSE: OSG ) +9.8% Wednesday to its highest in more than six years after saying it is doubling its stock buyback program , adding $10M to its authorization to raise the total value of its program to $20M.
The repurchase program's $20M total represents ~5.9% of the company's market capitalization of $339M.
"The board has taken into account a variety of factors in reaching its determination to increase the stock repurchase program which is underway," President and CEO Sam Norton said.
More on Overseas Shipbuilding Group:
- Financial and valuation comparison to sector peers
- Analysis: Overseas Shipbuilding: Performance, Potential And Risks
- Stock price return: Up 35.5% YTD, up 87% in the past 12 months
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Overseas Shipholding surges after doubling stock buyback program to $20M