Oneok Buys Back Stock

It repurchases 7.5 million shares.
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(OKE) - Get Report

, the Tulsa, Okla.-based natural gas company, said Monday it repurchased 7.5 million shares of outstanding common stock at an initial price of $37.52 a share for a total of $281.4 million.

The buyback is under an accelerated share repurchase agreement with

UBS Securities

. The company funded the repurchase with cash on hand.

The accelerated repurchase was completed under the company's previously approved stock repurchase plan in which the company's board authorized it to purchase 7.5 million shares.

The company now has about 110 million shares outstanding.

Shares rose 72 cents to $38.24.

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