TSX:CVE - Post Discussion
Post by
retiredcf on Nov 07, 2023 8:41am
RBC
November 7, 2023
Cenovus Energy Inc.
Announces Renewal of Share Buyback Program
TSX: CVE | CAD 25.77 | Outperform | Price Target CAD 32.00
Sentiment: Neutral
Cenovus Energy announced today that the Toronto Stock Exchange (TSX) has approved the renewal of the company’s normal course issuer bid (NCIB).
Key Points
• Under the NCIB renewal, Cenovus can purchase up to 133.2 million of its common shares (10% of its public float outstanding) from November 9, 2023 to November 8, 2024.
• As of October 31, Cenovus has repurchased approximately $1.1 billion (circa 44.3 million shares at a weighted-average price of $24.74 per share) of its common shares under its current NCIB, which is set to expire November 8.
• Please see Are We There Yet? Not Quite for our most recent update on Cenovus following the company’s third-quarter results.
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