Encana Corporation Buyback
OLI recorded this information on 2/26/2018
Share Amount Authorized:
Encana Corporation (Encana) (TSX:ECA) (NYSE:ECA ) announced today that the Toronto Stock Exchange (TSX) has accepted its notice of intention to commence a normal course issuer bid (NCIB) through which Encana may spend up to US$400 million to purchase up to 35,000,000 common shares during the 12-month period commencing February 28, 2018 and ending February 27, 2019. The number of shares authorized for purchase represents approximately 3.6 percent of Encana's 973,123,364 common shares issued and outstanding as of February 20, 2018. 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 as may be permitted by stock exchange rules and securities laws, including by private agreements. Purchases made by private agreement under an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as provided in the exemption order. In the future, Encana may also enter into an automatic share purchase plan in relation to purchases made in connection with the NCIB. The company plans to fund the NCIB with cash on hand.
Encana is an energy producer that is focused on developing its multi-basin portfolio of oil, natural gas liquids (NGL) and natural gas producing plays. Co.'s reportable segments are: Canadian Operations, which includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within Canada; USA Operations, which includes the exploration for, development of, and production of natural gas, oil and NGLs and other related activities within the U.S.; and Market Optimization activities are managed by the Midstream, Marketing & Fundamentals team, which is primarily responsible for the sale of Co.'s proprietary production to third party customers.
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Hold (2.44 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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