Patterson-UTI Energy (PTEN -0.55%) is marking the completion of an expired stock repurchase program with the launch of a new and expanded one. The company announced that, after spending roughly $50.9 million to buy back its common stock in Q3, it completed the $150 million initiative launched in July 2012. Following that, it has authorized a fresh buyback program for up to $200 million worth of common shares.
The buybacks will be effected through various means, including open market trades and privately negotiated purchases. The company cautioned, however, that the buybacks "may be commenced or suspended at any time or from time to time without prior notice."
Currently, Patterson-UTI Energy has nearly 146 million shares outstanding. Its stock currently trades at $20.46 per share.