National Fuel Gas Co. authorizes stock buyback

National Fuel Gas Co., a diversified energy company, said Tuesday its board has authorized the buyback of up to 2 million shares of stock and may approve additional repurchases at its Sept. 24 meeting.

The announcement comes on the heels of an 8 million stock buyback authorized in December 2005 that has been completed. The buyback program will be conducted intermittently both on the open market and through private transactions.

Repurchasing stock takes a company's shares out of circulation, boosting the value of existing shares and fattening per-share profits. Companies usually repurchase shares when they feel their stock is undervalued.

Shares of the Williamsville, N.Y.-based company fell $1.91, or 4.2 percent, to $43.65 in afternoon trading.

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On the Net: http://www.nationalfuelgas.com