North American Construction Group Ltd. Announces Normal Course Issuer Bid To Purchase, For Cancellation, Up To 2,087,577 Common Shares In The Capital Of The Company
Portfolio Pulse from Benzinga Newsdesk
North American Construction Group Ltd. (NYSE:NOA) announced a normal course issuer bid to repurchase up to 2,087,577 common shares, representing about 10% of its public float and 7.5% of its total shares. This move indicates a potential positive impact on the stock price.
October 30, 2024 | 9:20 pm
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North American Construction Group Ltd. announced a share buyback program to repurchase up to 2,087,577 shares, which is about 10% of its public float. This move is likely to positively impact the stock price as it indicates management's confidence in the company's value.
The announcement of a share buyback program typically signals that the company believes its stock is undervalued, which can lead to a positive short-term impact on the stock price. The buyback reduces the number of shares outstanding, potentially increasing earnings per share and the stock's market value.
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