Valero Energy (NYSE:VLO) disclosed Thursday that its board approved a new share buyback authorization of as much as $2.5B, which replaces a previous authorization announced in January 2018.
The company said it has bought ~45.4M common shares since the start of the prior authorization.
Valero (VLO) shares closed +4.5% in Thursday’s trading as energy stocks rebounded alongside crude oil prices.
Seeking Alpha contributors sharply diverge in their opinions of Valero (VLO): bearish Harrison Schwartz says “crack spreads are unlikely to sustain extreme highs,” while bullish Michael Wiggins de Oliveira said recently that the stock was “still attractive at 6x free cash flow.”