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Chesapeake Energy Corp.
CHK,
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
SPX,
has fallen 21%.
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