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Ranger Oil boosts share buyback program to $140M from $100M

Jul. 08, 2022 3:07 AM ETRanger Oil Corporation (ROCC) StockBy: Meghavi Singh, SA News Editor
  • Ranger Oil Corporation (NASDAQ:ROCC) has increased its share repurchase program.
  • The company's board authorized an increase in the share repurchase program from $100 million to $140 million, effectively reloading the capacity in the program for amounts repurchased to date.
  • In addition, the board extended the term of the program by one quarter through June 30, 2023.
  • Since early May 2022, the company has repurchased more than $40M of its Class A common stock, representing more than 2.5% of total common stock outstanding.
  • The program is equivalent to ~9.8% of Ranger's current market capitalization.
  • The company also initiated $0.075 quarterly dividend.

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