HP Inc. CEO Enrique Lores told CNBC’s Jim Cramer on Monday that the company is keeping its stock buyback program in place, contending it remains a good use of corporate cash even with shares up 18% over the past 12 months.

“We continue to believe the value of our shares is undervalued, and, therefore, that buying HP shares is a good investment for investors,” Lores said in a “Mad Money” interview after the company reported better-than-expected results for its fiscal 2022 first quarter, which ended Jan. 31.

Earnings per share of $1.10 beat Wall Street’s forecast by 8 cents, according to Refinitiv, while quarterly revenues of $17.02 billion eclipsed analyst projections of $16.5 billion. In addition, the company returned $1.8 billion to shareholders in the quarter, with $1.5 billion by way of stock buybacks, Lores said.

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Lores’ comments came in response to Cramer’s inquiry about whether buying back stock “still makes sense all the way up here.” On Jan. 12, the stock hit its all-time high of $39.65 per share, but it’s come down a bit since then during a period of overall market volatility.

HP Inc. shares closed Monday’s session at $34.36 apiece, putting its year-to-date declines at nearly 9%.

“We have committed to buy at least $4 billion of shares this year,” Lores said. “We are going to continue to execute our plan because, again, we think it’s a good investment,” he added.

HP Inc. shares trade at 8.1 times forward earnings, according to FactSet, which is below their five-year average of 9.4. The stock also supports a 2.9% dividend yield, based on Monday’s closing price.

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