The second-largest U.S. oil company authorized a $75 billion buyback and a dividend hike on Wednesday evening, giving its stock a boost.
The massive stock buyback plan unveiled by Chevron on Wednesday may not be much for investors to cheer about, according to Bank of America. The oil giant announced a $75 billion buyback plan and a dividend hike, sending its shares higher by as much as 4% Thursday. However, the updated Chevron stock buyback plan didn't include any management projections as to timing, or an expiration date.
Chevron was operating under a $25 billion buyback plan, announced in 2019, and was on pace to spend most of that in 2022 as of its third quarter earnings report . Chevron spent $3.75 billion on buyback in the third quarter, equal to a $15 billion annual rate. But that prior plan is set to end at the end of March, just before the new authorization becomes effective. Because the $75 billion plan is open-ended, it's also subject to future fluctuations in oil prices, Leggate said.
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