Airbnb, the largest online platform focused on providing accommodation outside of hotels, founded in 2008, went public in December 2020 at $139.25 per share. The pandemic was followed by a volatile period at the company due to the many global restrictions related to the coronavirus, which is why Airbnb decided to buy back $2.5 billion in shares. The company believes its shares are undervalued. The announcement was followed by a 10% drop, due to the first quarter earnings report this year.* Despite this, it reported a record number of booked nights of 120 million, indicating continued global interest in its services.
Airbnb's stock performance since listing (Source: Google)*
Devon Energy, a United States-based oil and gas exploration and production company, has decided to do the same. The share buyout will take place in the amount of USD 3 billion. In addition, they reported positive results for the first quarter along with a dividend. This leading energy company would thus like to tap the potential of its business, which experienced a nice growth last year thanks to the energy crisis.
Devon Energy's stock performance over the past five years (Source: Google)*
Valvoline, a world-famous US-based supplier of lubricants, chemicals and services to the automotive industry, has initiated an idea to buy back USD 1 billion worth of shares at a price of USD 35-40 per share. It has recently exceeded investors' expectations and the stock was up more than 12% on Wednesday.*
Valvoline's stock performance over the past five years (Source: Google)*
Property and mortgage insurer Old Republic International approved a $450 million buyback program, joining the ranks of large companies bolstering their operations just by buying back shares that Old Republic International closed last week with a slight loss.
[*] Past performance is no guarantee of future results
