UTL - Unit authorizes $25M in share repurchase program

Unit ([[UTL]] +0.6%) board authorized repurchasing up to $25M of its outstanding common stock.As of June 30, the company reported long-term debt of $35M."Our improved operational performance and reduction in long-term debt provide an opportunity for the company to return cash to shareholders in the form of stock buybacks and execute our growth strategy, including potential business acquisitions," chairman & CEO Philip B. Smith commented.The current buyback represents 3.1% of its total current market cap while YTD stock has surged 20.1%.

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Unit authorizes $25M in share repurchase program