Market MoversOn The Rise Pipestone Energy Corp. rose on the premarket announcement of approval of its first normal course issuer bid.
The Calgary-based company plans to purchase up to 9.6 million common shares, representing 5 per cent of its outstanding shares as of Nov. 12.
“Pipestone intends to fund the purchases out of its available resources and is implementing the NCIB as part of its free cash flow allocation strategy. Pipestone believes that, at times, the prevailing share price may not reflect the underlying value of the Common Shares and the repurchase of Common Shares represents an opportunity to improve per share metrics as part of the Company’s commitment to shareholder returns,” it said.