U.S. Silica up 7% After Announcing Share Buyback

U.S. Silica Holdings

is trading higher on the session following it $25 million share buyback announcement yesterday. The buyback will be funded by using the company's cash available. Bryan Shinn, President and Chief Executive Officer said: “U.S. Silica's strong financial position affords us opportunities to purchase our securities at attractive prices. Our Board believes that even after funding high return capital projects, the repurchase program is an effective means to enhance shareholder value. We continue to foresee outstanding growth in both the Oil & Gas Proppants and Industrial Specialties Product segments of our business.” U.S. Silica is currently up about 7% trading just below the $12 level.