Murphy Oil (MUR) Enters $250M Accelerated Buyback
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Price: $34.90 +3.41%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.4%
EPS Growth %: +385.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.4%
EPS Growth %: +385.2%
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Murphy Oil Corporation (NYSE: MUR) has entered into a variable term, capped accelerated share repurchase transaction with J.P. Morgan Securities LLC to repurchase an aggregate of $250 million of the Company’s common stock.
The ASR is part of the board authorized program to repurchase up to $1 billion of the Company’s stock announced on October 16, 2012. The total aggregate number of shares of Company common stock to be repurchased pursuant to the ASR will be determined by reference to the Rule 10b-18 volume-weighted price of the Company’s common stock, less a fixed discount, over the term of the ASR, subject to a minimum number of shares. The ASR is expected to be completed no later than approximately five months following execution. All shares of the Company’s common stock delivered under the ASR will be immediately retired.
The ASR is part of the board authorized program to repurchase up to $1 billion of the Company’s stock announced on October 16, 2012. The total aggregate number of shares of Company common stock to be repurchased pursuant to the ASR will be determined by reference to the Rule 10b-18 volume-weighted price of the Company’s common stock, less a fixed discount, over the term of the ASR, subject to a minimum number of shares. The ASR is expected to be completed no later than approximately five months following execution. All shares of the Company’s common stock delivered under the ASR will be immediately retired.
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