United Continental (NYSE:UAL) declared that its Board of Directors has approved a stock repurchase program, which authorizes the company to buyback $3.00 billion in outstanding shares on Thursday, December 7th, EventVestor reports. This buyback authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Shares of United Continental (NYSE:UAL) opened at $63.36 on Wednesday. United Continental has a 12 month low of $56.51 and a 12 month high of $83.04. The company has a market cap of $18,826.84, a P/E ratio of 8.89, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The company has a quick ratio of 0.53, a current ratio of 0.60 and a debt-to-equity ratio of 1.37.

United Continental (NYSE:UAL) last announced its quarterly earnings results on Wednesday, October 18th. The transportation company reported $2.22 EPS for the quarter, beating the consensus estimate of $2.12 by $0.10. The company had revenue of $9.88 billion for the quarter, compared to analyst estimates of $9.87 billion. United Continental had a net margin of 5.22% and a return on equity of 25.26%. United Continental’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business earned $3.11 earnings per share. equities research analysts forecast that United Continental will post 6.31 EPS for the current fiscal year.

Several brokerages have recently commented on UAL. Citigroup increased their price target on shares of United Continental from $75.00 to $76.00 and gave the stock a “neutral” rating in a research report on Thursday, October 19th. Cowen reiterated a “market perform” rating and set a $70.00 price objective (up previously from $63.00) on shares of United Continental in a research note on Thursday, October 12th. Morgan Stanley dropped their price objective on shares of United Continental from $79.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 17th. Wolfe Research upgraded shares of United Continental to an “outperform” rating and dropped their price objective for the stock from $97.00 to $95.00 in a research note on Sunday, August 20th. Finally, Zacks Investment Research lowered shares of United Continental from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $77.91.

In related news, Director Edward Shapiro acquired 15,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was acquired at an average cost of $59.87 per share, for a total transaction of $898,050.00. Following the completion of the acquisition, the director now directly owns 27,707 shares of the company’s stock, valued at approximately $1,658,818.09. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert A. Milton acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was bought at an average price of $58.60 per share, with a total value of $58,600.00. Following the completion of the acquisition, the director now directly owns 6,176 shares of the company’s stock, valued at $361,913.60. The disclosure for this purchase can be found here. Company insiders own 0.27% of the company’s stock.

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United Continental Company Profile

United Continental Holdings, Inc (UAL) is a holding company and its principal subsidiary is United Air Lines, Inc (United). The Company transports people and cargo through its mainline operations. It has global air rights in North America, Asia-Pacific, Europe, Middle East, Africa and Latin America. The Company, through United and its regional carriers, operates flights from its hubs at Newark Liberty International Airport (Newark Liberty), Chicago O’Hare International Airport (Chicago O’Hare), Denver International Airport (Denver), George Bush Intercontinental Airport (Houston Bush), Los Angeles International Airport (LAX), A.B.

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