Peabody Energy Corp. executives announced Wednesday they intend to buy back $300 million worth of common stock from entities advised by Elliott Management, a New York City fund manager.
The deal is part of Peabody’s $1 billion repurchase program. Since the program’s August 2017 approval, Peabody has bought back $875 million worth of shares.
Peabody, which is headquartered in downtown St. Louis, reported a $114 million second-quarter profit last month. That’s up from a $20 million loss over the same period last year.
The company reported revenue of $1.3 billion for the recently completed quarter, up about 3 percent from sales of $1.26 billion in the same quarter last year.
The deal with Elliott Management is expected to close later this month.
Read more: St. Louis Post-Dispatch