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 –
Mammoth Energy Services, Inc. – SYM: TUSK
Recent Price: $4.61
Buyback Action: The Board of Directors authorised a new $55 million share repurchase program, equal to around 21.2% of its market cap at announcement.
Description: Mammoth Energy Services, Inc. operates as an energy service company. The company operates in four segments: Infrastructure Services, Well Completion Services, Natural Sand Proppant Services, and Drilling Services. The company was incorporated in 2016 and is headquartered in Oklahoma City, Oklahoma.
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Seadrill Limited – SYM: SDRL
Recent Price: $48.25
Buyback Action: The Board of Directors authorized a new $250 million share repurchase program, equal to around 6.4% of its market cap at announcement.
Description: Seadrill Limited provides offshore contract drilling services to the oil and gas industry worldwide. It operates in three segments: Harsh Environment, Floaters, and Jack-ups Rigs. The company owns and operates drill ships, semi-submersible rigs, and jack-up rigs for operations in shallow and ultra-deep-water in benign and harsh environments. It serves oil super-majors, state-owned national oil companies, and independent oil and gas companies. Seadrill Limited was formerly known as Seadrill 2021 Limited. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.
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Chegg, Inc. – SYM: CHGG
Recent Price: $9.60
Buyback Action: The Board of Directors approved an additional $200 million share repurchase program, equal to around 17.5% of its market cap at announcement.
Description: Chegg, Inc. operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks. Its subscription services include Chegg Study, which helps students master challenging concepts on their own; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various Chegg Services product offerings, including Chegg Study, Chegg Writing, and Chegg Math services, which creates an integrated platform of connected academic support services; and Busuu, an online language learning solution that offers a comprehensive solution through a combination of self-paced lessons, live classes with expert tutors, and the ability to learn and practice with members of the Busuu language learning community. The company also provides skills-based learning platform that offers professional courses along with networking, interviewing, and career services; and rents and sells print textbooks and eTextbooks. Chegg, Inc. was incorporated in 2005 and is headquartered in Santa Clara, California.
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