CALGARY – Canadian Natural Resources Ltd. (TSX:CNQ.TO) spent about $345.9 million buying back its own shares on the public market over the past year, according to figures released Friday by the Calgary-based oil and gas company.
CNQ says it has repurchased 11,886,200 shares on the Toronto and New York stock exchanges at a weighted average price of C$29.10 under a 12-month buyback program that ends April 8.
Most of the shares were repurchased by the end of the first quarter, at a weighted average price of C$28.89 each, but a further 800,000 have been bought since March 31, the company said Friday.
It also announced it has approval for a new normal course issuer bid starting April 9 that will enable CNQ to buy back up to 54.6 million shares, or five per cent of its outstanding common stock.
At the Toronto Stock Exchange, CNQ’s stock has traded between $25.58 and $34.88 over the 52 weeks ended April 4. The shares closed Thursday at $30.92.