Crescent Point Receives Approval For Normal Course Issuer Bid To Purchase, For Cancellation, Up To 61,663,522 Common Shares, Or 10% Of The Company's Public Float, As At February 29, 2024
Portfolio Pulse from Benzinga Newsdesk
Crescent Point Energy Corp. (CPG) has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid (NCIB) to buy back up to 61,663,522 common shares, or 10% of its public float, starting March 11, 2024, and ending March 10, 2025. The buyback will occur through the TSX, NYSE, and alternative trading systems, potentially at market price or a discount via private agreement. An automatic purchase plan will be used during blackout periods. As of February 29, 2024, Crescent Point has a public float of 616,635,222 shares. The company aims to enhance shareholder value through share repurchases as part of its capital return framework.
March 07, 2024 | 1:13 pm
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Crescent Point Energy Corp. is set to buy back up to 61,663,522 shares, aiming to enhance shareholder value through its capital return framework.
Share buyback programs often lead to a positive market perception, potentially increasing the stock price by reducing the supply of shares and indicating the company's confidence in its own financial health. Given Crescent Point's commitment to returning 60% of its excess cash flow to shareholders and its history of repurchasing shares, this NCIB could be seen as a strong positive signal to the market.
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