Mexico City-based Vista Energy, S.A.B. de C.V. has announced the repurchase of 40,000 of its Series A shares in a transaction dated Monday. The buyback, executed for MXN $931.00 per share, resulted in a total expenditure of approximately MXN $37.24 million, excluding additional fees and taxes.
The repurchase was conducted under the authorization from the ordinary general shareholders' meeting held on August 6, 2024. Following the transaction, Vista Energy reported a total of 95,625,885 Series A shares remaining outstanding, with 3,155,141 Series A shares held in treasury as a result of the company's repurchase activities.
The operation was carried out through Citibanamex Casa de Bolsa, S.A. de C.V., a brokerage firm part of the Citibanamex financial group. The company's stock is listed on the New York Stock Exchange (NYSE: VIST) and the Mexican Stock Exchange (BMV: VISTA).
This financial maneuver is part of Vista Energy's strategic initiatives as disclosed in their recent filings with the U.S. Securities and Exchange Commission. The company, which operates within the crude petroleum and natural gas industry, is incorporated in Mexico and has previously been known as Vista Oil & Gas, S.A.B. de C.V. before a name change in December 2018.
The information provided is based on a press release statement and filings with the SEC.
In other recent news, Vista Energy has been making significant strides in its financial strategy, with multiple instances of share repurchases. The company, following the authorization from a shareholders' meeting, has repurchased 60,000 of its Series A shares in several transactions, reducing the total number of outstanding shares. These transactions, executed by Citibanamex Casa de Bolsa, are part of Vista Energy's broader capital allocation strategy, aimed at optimizing shareholder value.
In addition, Vista Energy has shown robust growth in its Q2 2024 results. The company's total production surged by 40% year-over-year to 65,300 barrels of oil equivalent per day, leading to a 66% rise in total revenues for the quarter, reaching $397 million. Furthermore, the company's adjusted EBITDA saw a significant rise of 90% year-over-year to $288 million.
Also, JPMorgan (NYSE:JPM) initiated coverage on Vista Oil & Gas, assigning an Overweight rating and setting a price target of $68.00. JPMorgan highlighted several key attributes that set Vista apart in the industry, including its focus on the Vaca Muerta basin, operating as a private entity led by its founders, and a proven track record with potential for significant growth.
These are recent developments that highlight the company's commitment to sustained growth and strategic expansion. As always, investors are encouraged to review the company's filings for a comprehensive understanding of its financial activities and strategic direction.
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