Why United Maritime Shares Are Popping Off

United Maritime Corp USEA shares are trading higher by 16.50% to $1.41 Friday morning after the company announced a $3 million buyback plan.

What Else?

Under the plan, United Maritime says the company may repurchase up to $3 million of its outstanding common shares in the open market, representing approximately up to 26% of the company's market capitalization as of September 1st.

"We believe that the share price of United is significantly undervalued considering the solid vessel valuation and earnings environment of the tanker sector," said Stamatis Tsantanis, the Chairman & CEO.

"We aim to enhance stockholder value by using our strong cash reserves and the fleet's robust cash-flow generating capacity. We will continue to examine all strategic alternatives and to invest opportunistically, including through buybacks under appropriate conditions," Tsantanis stated.

See Also: US Adds 315,000 Jobs In August, Clearing The Path For Another Aggressive Interest Rate Hike

According to data from Benzinga Pro, United Maritime has a 52-week high of $8.95 and a 52-week low of $0.80.