Continental Resources (CLR, $40.17) announces $1 billion share buyback plan and 5 cents a share dividend
Continental Resources announced a new share repurchase program and dividend, sending its shares up +14% Tuesday.
The oil & natural gas exploration company will embark on a $1 billion share buyback program from the second quarter of 2019, and will continue through 2020.
The company also announced a quarterly dividend of 5 cents per share, payable on November 21, to shareholders of record on November 7. On an annualized basis, the dividend will distribute about $75 million to shareholders.
Chairman and CEO Harold Hamm perceives the current value of Continental Resources’ equity to be “unreasonably low” – something that makes share buybacks using excess cash an opportune strategy, as indicated by Hamm.
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Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
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a developer of oil and gas reserves
Industry OilGasProduction
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