Natural Gas Services Group, Inc. [NYSE: NGS] has disclosed that its board of directors has provided permission to launch the $10 million share buyback program. This buyback program approval replenishes the approval of October 23, 2020, which terminated on September 30, 2021.
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Buyback programs may be launched in open market purchases, block trades, or privately negotiated transactions. As per the previous approval of the buyback program, the Company bought back 478,769 shares of its common stock at an average price of $10.45 for a total of $5.0 million including fees and expenses.
Natural Gas Services Group disclosed that the advancement in its share buyback program offers Natural Gas Services Group an important tool in distributing capital and shows the Board’s confidence in its current and future prospects. The main aim of the firm is to use this buyback program to maximize value for NGS shareholders.
In addition, it has been disclosed that the firm is planning to finance the buybacks with current liquidity and free cash flow. The buyback program will terminate on September 30, 2022, dependent on the previous suspension of the program by the Board of Directors. As of September 30, 2021, the firm had nearly 13,183,262 common shares outstanding.
