Rentech to Buy Back Up to $25 Million in Shares

Alternative energy specialist Rentech  (NASDAQ: RTK  )  will be buying back up to $25 million worth of company stock through the rest of the year, the board of directors announced Monday.

The share repurchase program will become effective no sooner than Rentech's next open trading window, which is not expected to occur until after it reports its first-quarter results next month and it will be subject to various blackout periods under its insider trading policy. The program will expire on Dec. 31.

Rentech CEO D. Hunt Ramsbottom said, "We believe the new share repurchase program demonstrates our continued confidence in Rentech's strategy to generate long-term profitable growth, and reflects our commitment to creating shareholder value through a highly disciplined approach to capital allocation."

Shares are trading for $2.18 as of this writing.

Rentech owns and develops technologies for the production of synthetic fuels and renewable power. It also owns the general partner and approximately 60% of the common units of Rentech Nitrogen Partners, which manufactures and sells nitrogen fertilizer products domestically and abroad.

link


Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2380722, ~/Articles/ArticleHandler.aspx, 10/31/2014 12:57:20 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement