Valero Energy ( NYSE: VLO ) disclosed Thursday that its board approved a new share buyback authorization of as much as $2.5B, which replaces a previous authorization announced in January 2018.
The company said it has bought ~45.4M common shares since the start of the prior authorization.
Valero ( VLO ) shares closed +4.5% in Thursday's trading as energy stocks rebounded alongside crude oil prices.
Seeking Alpha contributors sharply diverge in their opinions of Valero ( VLO ): bearish Harrison Schwartz says " crack spreads are unlikely to sustain extreme highs ," while bullish Michael Wiggins de Oliveira said recently that the stock was " still attractive at 6x free cash flow ."
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Valero's board OKs up to $2.5B in stock buybacks