Dynagas Shares Rise on Quarterly Profit, Buyback

Dow Jones11-23

By Sarina Isaacs

Shares of Dynagas LNG Partners soared to a new 52-week high in early Friday trading after the company swung to a per-share profit and announced a new share buyback.

The stock was recently up 6.6% to $4.53. It spiked as high as 13% this morning, notching a fresh 52-week high at $4.80. The shares are now up 73% for the past year.

The Greece-based natural-gas company said it booked a third-quarter profit of 32 cents a share, reversing from the prior year's loss of 4 cents a share. Net income was $15.1 million, compared with $1.4 million a year earlier.

Dynagas also said it would repurchase up to $10 million in stock over the next 12 months, and reinstated its quarterly dividend for common unitholders, amounting to 4.9 cents per share.

Write to Sarina Isaacs at sarina.isaacs@wsj.com

(END) Dow Jones Newswires

November 22, 2024 12:53 ET (17:53 GMT)

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