Inergy LP said Monday that it authorized buying back up to $100 million worth of its shares through next March.
The company, which sells propane and operates a natural gas storage business, said it didn’t set price targets for the shares. It can change or suspend the share-buying plan at any time.
Inergy has a stock market value of about $2.6 billion.
The company said the share-repurchasing decision showed management’s confidence in the company and its future value.
Shares of Inergy rose 77 cents, or 3.9 percent, to $20.48 in morning trading.
