U.S.-listed shares of oil and gas producer rise 2.6% to $33.78 premarket – on course to open at their highest since May 2019.
OVV says the TSX has accepted a normal course issuer bid to buy about 26 million common shares during the 12-month period commencing Oct. 1.
The number of shares authorized for purchase represents 10% of OVV’s public float as of Sept. 20 – Ovintiv.
OVV adds purchases will be made on the open market through the facilities of the TSX, NYSE, and/or alternative trading systems.
Separately, Citigroup raises PT on OVV to $42 from $41, becoming the fourth brokerage to increase PTs after Ovintiv earlier this month announced plans to increase shareholder returns.
Average rating is “buy” and median PT is $40 – Refinitiv. Shares have more than doubled this year.