Chesapeake Energy raises buyback authorization for stocks and warrants to $2 billion vs. $1 billion previously

Chesapeake Energy Corp. said Wednesday its board has doubled its authorization for buybacks of shares and warrants to $2 billion from $1 billion through end-2023. To date, the company has bought back about 5.4 million shares under a previously authorized program, at an average price of about $89 a share. “We firmly believe our stock is undervalued and are pleased to announce material progress on our buyback program today,” Chief Executive Nick Dell’Osso said in a statement. Shares slid 3% premarket, but are up 29% in the year to date, while the S&P 500 has fallen 21%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.