Why Chevron Stock Jumped Today
Shares of Chevron (NYSE: CVX) popped on Thursday after the oil and gas titan announced a massive new capital return program. As of 1:10 p.m. ET, Chevron's stock price was up more than 4%.
Chevron announced a stunning $75 billion share repurchase plan, which will take effect on April 1. The company expects to complete its existing $25 billion stock buyback program by March 31.
With its current market capitalization of roughly $360 billion, Chevron's new authorization could allow it to repurchase more than 20% of its stock at current prices.
Source Fool.com
