- Baytex Energy (TSX:BTE) has revealed the Toronto Stock Exchange has accepted the company’s intentions to renew its normal course issuer bid
- This will allow the company to buy back more than 70 million of its common shares over a 12-month period beginning Tuesday and ending July 1, 2025
- The number of shares authorized for purchase represents 10 per cent of Baytex’s public float
- Shares of Baytex Energy are up 1.73 per cent to C$4.71 as of 12:27 pm ET
Baytex Energy (TSX:BTE) has revealed the Toronto Stock Exchange has accepted the company’s intentions to renew its normal course issuer bid (NCIB).
In a news release, the company stated this will allow Baytex Energy to buy back more than 70 million of its common shares over a 12-month period beginning Tuesday and ending July 1, 2025.
The number of shares authorized for purchase represents 10 per cent of Baytex’s public float, which the company previously announced back in April.
NCIB is a stock buyback program where publicly traded companies are able to repurchase a portion of their outstanding shares as per regulatory restrictions.
Under its previous NCIB, the company was approved for up to 68.4 million common shares, which runs from June 29, 2023, to Friday. As of June 18, 2024, the company repurchased an aggregate of 55.36 million common shares under its prior NCIB at a weighted-average price of C$5.3075 per share.
Baytex Energy is an energy company with headquarters in Calgary and offices in Houston, Texas. The company is focused on the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford area of Texas.
Shares of Baytex Energy Corp. (TSX:BTE) are up 1.73 per cent to C$4.71 as of 12:27 pm ET.
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