WILLIAMSVILLE, N.Y. - National Fuel Gas Company (NYSE: NYSE:NFG), a diversified energy firm, has announced a new stock repurchase initiative authorizing the buyback of up to $200 million of its outstanding common stock, with the aim to complete the program by the end of fiscal 2025. This move comes alongside the declaration of a regular quarterly dividend of 49.5 cents per share, payable on April 15, 2024, to shareholders of record as of March 28, 2024.
David P. Bauer, President and CEO, noted the company's commitment to shareholder returns, highlighting National Fuel's consecutive 121-year dividend history and 53-year streak of dividend increases. Bauer emphasized the company's stable earnings and cash flow, along with disciplined capital management, as foundations for the new buyback program. He stated that the initiative reflects a positive outlook for the company and serves as a method to enhance shareholder value.
The repurchase of shares will be conducted in the open market or through privately negotiated transactions, including potential trading plans that comply with SEC Rule 10b5-1, subject to market conditions and other considerations. Management retains discretion over the specifics of the buyback program, which may be adjusted, paused, or terminated by the Board of Directors at any time.
National Fuel, headquartered in Western New York, operates a collection of natural gas assets across its Exploration & Production, Pipeline & Storage, Gathering, and Utility business segments. With approximately 92.1 million shares of common stock outstanding and no preferred stock, the company's repurchase program represents a significant capital allocation.
The information provided here is based on a press release statement from National Fuel Gas Company.
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