Reported Monday, TransAlta Announced Renewal of Normal Course Issuer Bid To Repurchase Up To 14M Common Shares
Portfolio Pulse from Benzinga Newsdesk
TransAlta announced the renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 14 million common shares, representing approximately 4.6% of its outstanding shares. The repurchases will be made through open market transactions on the TSX and other Canadian trading systems, and any repurchased shares will be cancelled.
May 28, 2024 | 6:52 am
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TransAlta (TAC) has announced the renewal of its NCIB to repurchase up to 14 million common shares, which is approximately 4.6% of its outstanding shares. This move is likely to positively impact the stock price in the short term as it indicates confidence in the company's value and reduces the number of shares available in the market.
The repurchase of shares typically signals that the company believes its stock is undervalued, which can boost investor confidence and drive up the stock price. Additionally, reducing the number of shares outstanding can improve earnings per share (EPS) metrics.
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