Denver-based Ovintiv Inc. announced it has received regulatory approvals to renew its share buy-back program.
Approval came from the Toronto Stock Exchange which accepted the company’s notice of intention to renew the bid to buy up to 26,734,819 common shares beginning Oct. 3 of this year. The buyback effort will end in October of 2024.
The number of shares authorized for purchase represents 10 percent of Ovintiv’s public float as of September 21, 2023, as calculated pursuant to TSX rules. Purchases will be made on the open market through the facilities of the TSX, New York Stock Exchange and/or alternative trading systems at the market price at the time of acquisition, as well as by other means permitted by stock exchange rules and securities laws including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
Ovintiv will determine the actual number of shares that may be purchased and the timing of them. In the past six months, the average dailing trading volume was 239,240 common shares. The company had approval to purchase up to 24,846,855 common shares over the past 12 month period that will end Oct. 2, 2023.