We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Daqo (DQ) Issues Update on $700M Share Repurchase Program
Read MoreHide Full Article
Daqo New Energy Corp. (DQ - Free Report) issued an update on its $700 million share repurchase program, which was authorized in 2022 and ran from Nov 7, 2022, to Dec 31, 2023.
As of the conclusion of 2023, the company repurchased 14.55 million American Depositary Shares (ADSs) — equivalent to 72.75 million ordinary shares — at an average price of $33.71 per ADS, totaling around $491 million. This accounts for nearly 70.1% of the maximum amount allocated for the share repurchase initiative. The total ordinary shares outstanding for the company by the end of 2023 were around 328.8 million, down from the 391 million reported at the close of 2022 due to completed share repurchases.
Accentuating that the repurchased ADSs comprised 18.6% of the total shares outstanding at the conclusion of 2022, the company reiterated its unwavering confidence in the undervaluation of its shares. This assurance was grounded in the company's solid balance sheet and liquidity position. Despite industry challenges, the company maintained a positive outlook on long-term growth. In the fourth quarter of 2023, the company executed the repurchase of 6.45 million ADSs at an average cost of $25.11 per ADS, amounting to approximately $162 million.
In response to recent industry developments and challenges, Daqo New Energy is strategically prioritizing capital preservation for future growth. The management team and board of directors are actively monitoring market and industry trends to navigate industry cycles and ensure sustained, long-term returns for shareholders.
Shares of Daqo have lost 48.9% in the past year against a 17.3% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Daqo currently sports a Zacks Rank #1 (Strong Buy).
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 82.1% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 53.3% in the past year.
The Zacks Consensus Estimate for CBT’s current-year earnings has been revised upward by 4.4% in the past 60 days. CBT beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 2.3%, on average. The stock has gained around 4.6% in a year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Daqo (DQ) Issues Update on $700M Share Repurchase Program
Daqo New Energy Corp. (DQ - Free Report) issued an update on its $700 million share repurchase program, which was authorized in 2022 and ran from Nov 7, 2022, to Dec 31, 2023.
As of the conclusion of 2023, the company repurchased 14.55 million American Depositary Shares (ADSs) — equivalent to 72.75 million ordinary shares — at an average price of $33.71 per ADS, totaling around $491 million. This accounts for nearly 70.1% of the maximum amount allocated for the share repurchase initiative. The total ordinary shares outstanding for the company by the end of 2023 were around 328.8 million, down from the 391 million reported at the close of 2022 due to completed share repurchases.
Accentuating that the repurchased ADSs comprised 18.6% of the total shares outstanding at the conclusion of 2022, the company reiterated its unwavering confidence in the undervaluation of its shares. This assurance was grounded in the company's solid balance sheet and liquidity position. Despite industry challenges, the company maintained a positive outlook on long-term growth. In the fourth quarter of 2023, the company executed the repurchase of 6.45 million ADSs at an average cost of $25.11 per ADS, amounting to approximately $162 million.
DAQO New Energy Corp. Price and Consensus
DAQO New Energy Corp. price-consensus-chart | DAQO New Energy Corp. Quote
In response to recent industry developments and challenges, Daqo New Energy is strategically prioritizing capital preservation for future growth. The management team and board of directors are actively monitoring market and industry trends to navigate industry cycles and ensure sustained, long-term returns for shareholders.
Shares of Daqo have lost 48.9% in the past year against a 17.3% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Daqo currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Cameco Corporation (CCJ - Free Report) and Carpenter Technology Corporation (CRS - Free Report) , both sporting a Zacks Rank #1 and Cabot Corporation (CBT - Free Report) , currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 82.1% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 53.3% in the past year.
The Zacks Consensus Estimate for CBT’s current-year earnings has been revised upward by 4.4% in the past 60 days. CBT beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 2.3%, on average. The stock has gained around 4.6% in a year.