4 big stock buybacks: Chevron goes big

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4 big stock buybacks: Chevron goes big
Credit: © Reuters.

Here are some of the week's biggest share-buyback announcements, all first covered on InvestingPro.

Chevron (NYSE: CVX ) popped nearly 5% after saying it will buy back up to $75 billion in stock. The new plan is three times the size of the prior $25B plan and goes into effect on April 1, 2023, with no fixed expiration date.

Chevron's new buyback plan eclipses the $50B buyback rival Exxon (NYSE: XOM ) announced in December. The company called the reaction to the buyback "overblown," according to Bloomberg.

Chevron shares closed the week off around 1% at $179.45.

Avantax (NASDAQ: AVTA ) commenced a modified Dutch auction tender offer to repurchase up to $250 million of its common stock - 8,064,516 to 9,259,259 shares, or 16.75%-19.23% of its outstanding common stock - at $27-$31. Shares rose 7.7% for the week.

BlackRock (NYSE: BLK ) authorized the repurchase of an additional 7M shares under the company’s existing share repurchase program for a total of up to approximately 7.9M shares. It also raised its dividend 2.5% to $5. Shares were up 2.3% for the week.

Jacobs (NYSE: J ) approved a $1B buyback program. It also raised its quarterly dividend by 13% to $0.26, or $1.4 annualized. Shares rose about 1% for the week.

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