OREANDA-NEWS. LUKOIL stock quotes on the Moscow Exchange rose sharply after the oil company announced the launch of a new phase of its buy-back program. At its peak, the value of shares on Tuesday, October 1, reached 5.75 thousand rubles. apiece, which is 6.7% higher than the closing level of previous trading.

As part of the buy-back program, LUKOIL’s subsidiary LUKOIL SECURITIES plans to buy back shares and depositary receipts of the company for a total amount of up to $ 3 billion from October 1, 2019 to December 30, 2022. Having reached a peak, the value of LUKOIL shares on the Moscow Exchange slightly decreased. By 11:30 it was 5 thousand 570.5 rubles. apiece, which is 183 rubles, or 3.4% higher than the closing level of previous trading.

On August 19, after LUKOIL announced that the board of directors had summed up the results of the previous stage of the submission by shareholders of applications for the sale of shares, the value of the company's securities on the Moscow Exchange increased by 5%. On August 20, the LUKOIL press service announced that the company prematurely completed the repurchase of about 5% of its securities for a total of $ 3 billion.

Raiffaisenbank analyst Andrei Polishchuk believes that LUKOIL will also complete the new phase in the repurchase of its shares ahead of schedule, most likely, before the end of 2020. “We believe that LUKOIL shares may cost more than current stock quotes, including due to the buyback program. Our estimate is 6550 rubles apiece”, the expert notes.

The previous major leap in Lukoil shares was on Monday evening, August 19, they went up by 5% after the company announced the buy-back price of securities from shareholders with a premium to the market. At the auction on the Moscow Exchange at 17.15 Moscow time, the value of the shares of the oil company increased by 5% to 5,251.5 rubles. per paper with a trading volume of 4.773 billion rubles.