VAALCO Energy , Inc. ( EGY ) today announced that its Board of Directors has authorized a stock repurchase program under which the Company can repurchase up to $10 million of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.
The price of EGY has fallen about 40% in just one month. At these prices the PE Ratio is only 1.10.
Two insiders have decided to take advantage of this weakness. Cary Bounds is the CEO. He just bought 6,000 shares. Alfred Knapp is a Director. He just invested $168,000 of his own money when he paid $1.68 for 100,000 shares.
This company isn’t followed by Wall Street but it seems to be headed in the right direction. In 2015 it lost ($2.72) per share. In 2016 that improved to a loss of 45 cents a share.
In 2017 the company reported a profit of $.16 per share, and last years profit was $1.62 a share.
VAALCO Energy , Inc. engages in the provision of acquisition, exploration, development and production of crude oil and natural gas . The company was founded in 1985 and is headquartered in Houston, TX .