USEG - U.S. Energy up 5% on $5M buyback
2023-04-27 07:23:02 ET
- U.S. Energy ( NASDAQ: USEG ) Board of Directors has authorized a share repurchase program under which the company may purchase up to $5M of its outstanding shares.
- “This program supports our belief that the underlying value of our assets is not fully appreciated by the market and represents a highly attractive use of our capital. We anticipate the repurchase program providing numerous benefits to the Company and its stockholders, including, among others, support in the market for the Company’s common stock; a more tax-efficient way of returning capital to shareholders compared to declaring additional cash dividends; and accretion to earnings per share,” said Ryan Smith, CEO.
- Stock is trading 4.7% higher on Thursday pre-market.
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U.S. Energy up 5% on $5M buyback