Smart Sand jumps on stock buyback plans, special dividend

Smart Sand

04/10/2024 12:53

** Smart Sand's  SND.O  shares up 14% premarket to $2.28,
highest since mid-Jul, after co announced stock buyback and
declared special dividend
    ** Frac and industrial sand supply firm said late Thurs
board authorized $10 mln repurchase program through Apr 3, 2026
    ** Co to pay special cash dividend of 10 cents/sh, payable
on Oct 28 to holders as of Oct 15
    ** CEO Charles Young said focus on reducing costs,
maintaining low leverage levels and increasing operational
efficiency gave co opportunity to initiate the buyback and
declare the dividend
    ** SND has ~42.93 mln shares outstanding for ~$86 mln market
cap and ~30.64 mln shares of public float, per LSEG
    ** Through Thurs, stock up 3.6% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))