Energy Services Company Surges 30% During Tuesday Trading
Source: Streetwise Reports
June 5, 2019 (Investorideas.com Newswire) Basic Energy Services Inc. saw its stock price jump more than 30% following the announcement of a share buyback program.
In a press release issued May 31, 2019, Basic Energy Services Inc. (BAS:NYSE) outlined a share buyback program in which, "its board of directors has authorized the repurchase of up to $5 million of its outstanding shares of common stock from time to time in open market or private transactions, at the company's discretion."
Investors responded favorably to the news, increasing the company's share price as much as 30% during trading on Tuesday, June 4.
Authorization for the program expires on June 4, 2020, and "the timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued as determined by the board of directors."
The company, which provides well site services for oil and gas producers in 10 states throughout the U.S., expects year-end cash balance to be approximately $55–$60 million and total liquidity of approximately $130–$135 million in the event the current repurchase authorization is fully utilized by December 31, 2019.
Basic Energy Services Inc.'s shares closed at $2.59 on Tuesday, June 4, up $0.60.
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