RTTNews | Dec 2, 2021 11:39AM EST

11:39 Thursday, December 2, 2021 (RTTNews.com) - Arkansas-based motor fuel product retailers, Murphy USA Inc. (MUSA), saw its stock rise 4% on Thursday after the company announced a $1 billion stock repurchase plan.

The plan will be in action after the current $500 million repurchase authorization ends on December 31st. The company is yet to announce the date and amount related to the repurchase scheme.

President and CEO Andrew Clyde said, "Given that we are on track to execute the previously announced $500 million program nearly two years early, this new authorization is a testament to our advantaged business model and increasing confidence in the future of our company."

The stock is trading at $182.50, up $7.05 or 4.02% since the previous close at $175.45. The stock opened at $178.24 in the morning. In the 52-week period, the shares have ranged between $119.47 and $187.55.

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