Exxon Mobil Announces Share Buyback
July 9th, 2010
Exxon Mobil’s Board of Directors has announced a $3 billion share buyback program. This purchase of common shares will take place during this quarter. This amount represents just over 1 percent of all outstanding shares of XOM stock. The stock remains down nearly 15 percent for the year and management seems to think it makes sense to put some of its cash to use soaking up some outstanding shares. With a dividend over 3 percent, XOM seems like a really nice long term buy right here. That said, with inflation worries on the horizon, it may be less appealing to earn a dividend like that these days.
