Overseas Shipholding’s stock climbs toward 6-year high after doubling its buyback program to $20 million

Shares of Overseas Shipholding Group Inc.
OSG,
+8.77%
powered up 7.8% toward a six-year high in afternoon trading Wednesday, after the oil tanker operator said it was doubling its stock repurchase program. The company said it increased its program by $10 million, and is now authorized to repurchase $20 million worth of its shares. That represents about 5.9% of the company’s market capitalization of $336.5 million. “In representing OSG’s stockholders, OSG’s Board of Directors continuously evaluates opportunities for the use of our available cash,” said Chief Executive Officer Sam Norton. “The board [of directors] has taken into account a variety of factors in reaching its determination to increase the stock repurchase program which is underway.” The stock, which is on track for the highest close since March 2017, has rallied 48.8% year to date, while the S&P 500
SPX,
-0.39%
has advanced 13.8%.