Titan NRG Inc. (OTC:TTNN) stock continues to trend higher.
There were a large number of companies that came into focus among investors on Monday. However, investors need to be a bit more selective about the companies that they follow. One of the companies that they could consider tracking this morning is Titan NRG Inc. (OTC:TTNN). It operates through a number of its fully-owned subsidiaries and remains a leading player in downstream energy and transportation.
The company came into focus on Monday after it announced that its Board of Directors had approved a share buyback initiative. The board provided authorization to buy back a maximum of 300,000 shares of the preferred and/or common stock of the company up until September 1, 2024. It was a significant announcement from the company and one that could bring the stock into focus among investors this morning.
The company revealed yesterday that the stock buyback initiative was a strategic move that had a positive effect on the future of Titan NRG. Over the course of the next year, the company would look to purchase a maximum of 300,000 shares of common stock and some preferred shares. The move would also help in cutting down on any potential dilution of its stock, and that would also provide an indication to the shareholders about Titan’s commitment to them.
In the news release, the company also noted that the strategy was aimed at displaying its dedication to having a strong market position. Additionally, the company also noted that the move revealed that it had complete confidence in its financial position as a business.
The company revealed that it would repurchase shares by way of open market transactions from time to time. However, it would also participate in private transactions and any other means that it may have available. The timing of the stock repurchase would be dependent on market, economic, and business conditions, as well as the prevailing stock price, regulatory, and corporate environments, among other factors. Titan NRG also revealed that the stock buyback initiative could be suspended at any time at the company’s discretion.
On August 21, the company announced its financial results for the first fiscal quarter, and there were some significant achievements that stood out. The company managed to generate revenues of $1,987,024 in the quarter, which worked out to be a significant improvement on the $1,808,254 that it generated in the prior year period.
Titan NRG also reported net comprehensive income to the tune of $218,518; that was a significant development as it swung back from a loss of $13517 in the prior year period. The company also clocked account receivables to the tune of as much as $784,305, and that reflected considerable growth from account receivables of $431,839 in the prior year period.
At the end of the quarter, Titan NRG reported a cash balance of $1,080,225, which reflected a significant improvement on the cash balance of $505,761 at the end of the year-ago period. It could be the right time to start tracking the stock.
