Targeting stocks with recently announced buyback programs can be beneficial for investors. Buyback programs can be seen as a signal of confidence by the company’s management in the future prospects of the business. When a company announces a buyback program, it indicates that it believes its stock is undervalued and that it has excess cash available to repurchase shares, which can be interpreted as a positive sign for investors. Buybacks can also potentially increase the value of the remaining shares by reducing the total number of shares outstanding, which could lead to higher earnings per share and potentially higher stock prices.
Here are three stock buybacks for the week –
eXp World Holdings, Inc. – SYM: EXPI
Recent Price: $15.64
Buyback Action: The Board of Directors authorized an additional $500 million share repurchase program, equal to around 23% of its market cap at announcement.
Description: eXp World Holdings, Inc., together with its subsidiaries, provides cloud-based real estate brokerage services for residential homeowners and homebuyers. The company operates through North American Realty, International Realty, Virbela, and Other Affiliated Services segments.
ProPetro Holding Corp. – SYM: PUMP
Recent Price: $7.03
Buyback Action: The Board of Directors authorized a new $100 million share repurchase program of the company’s Class A common stock, representing around 12% of its market cap at announcement.
Description: ProPetro Holding Corp., an integrated oilfield services company, provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.
United Maritime Corporation – SYM: USEA
Recent Price: $2.74
Buyback Action: The Board of Directors approved an additional $3 million share repurchase program, equal to around 11.25% of its market cap at announcement.
Description: United Maritime Corporation, a shipping company, specializing in seaborne transportation services worldwide. It operates a fleet of one LR2 tanker vessel, three Capesize dry bulk vessels, one Kamsarmax dry bulk vessel, and one Panamax dry bulk vessel with an aggregate cargo-carrying capacity of approximately 795,812 dwt. The company was incorporated in 2022 and is based in Glyfada, Greece.