Why Hertz Stock Is Surging Today

Hertz Global Holdings Inc HTZ shares are trading higher Wednesday after the company announced a $2 billion buyback.

The Hertz board approved a new $2 billion share repurchase program in addition to the $2 billion buyback that was announced in November. With approximately $200 million remaining on the previous buyback, Hertz now has a total of $2.2 billion available under the share repurchase programs. 

"The increased authorization underscores the confidence that management and the board have in the direction of the Company," said Stephen Scherr, CEO of Hertz.

The authorization does not obligate Hertz to acquire any particular amount of stock and can be discontinued at any time. The share repurchase program doesn't have a time limit.

Related Link: Hertz Announces New $2B Buyback: What Investors Need To Know

Hertz Global operates the Hertz, Dollar and Thrifty vehicle rental brands.

HTZ Price Action: Hertz has a 52-week high of $46 and a 52-week low of $14.15.

The stock was up 9.02% at $18.82 at press time, according to data from Benzinga Pro.

Photo: dhub limited from Flickr.