tiprankstipranks
Profire Energy Approves Share Repurchase Program
Market News

Profire Energy Approves Share Repurchase Program

Oilfield technology company Profire Energy, Inc. (PFIE) recently announced that it has authorised the repurchase of up to $2 million worth of the company’s common stock. The program is likely to begin on October 15, 2021, and conclude on September 30, 2022.

The company undertook the program as a means of rewarding its shareholders. The price at which the repurchases are to be made will be at the discretion of the company’s management and future market conditions. Further, the quantum of the shares to be repurchased and the timing also depends on the market conditions.

The Co-CEO of Profire, Ryan Oviatt, said “The announcement of this repurchase program demonstrates our belief in Profire and a commitment to return value to our shareholders. We believe that the current share price is not an accurate reflection of our Company and its value. This announcement further reflects our confidence in the Company’s business operations and outlook, as well as our commitment to generating long-term value for our shareholders.” (See Profire stock chart on TipRanks)

Last month, Dawson James analyst James McIlree initiated coverage on the stock with a Buy rating and a price target of $1.65, which implies upside potential of 60.2% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average Profire price target of $1.45 implies that the stock has upside potential of 40.8% from current levels. Shares have gained about 47.1% over the past year.

Related News:
Goldman Sachs Inks $2.24B Deal to Buy GreenSky
Dover Completes Acquisition of Espy
Nikola, IVECO to Supply Electric Trucks to Hamburg Port

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles