Chorus Aviation Completes $50 Million Share Buyback

An update from Chorus Aviation ( (TSE:CHR) ) is now available.

Chorus Aviation Inc. announced the final results of its substantial issuer bid, purchasing approximately 2,061,855 shares for cancellation at $24.25 per share, totaling around $50 million. This move represents about 8.1% of its outstanding shares, aiming to enhance shareholder value. The offer was oversubscribed, with shareholders having 98.6% of their tendered shares purchased, highlighting strong investor interest. The transaction also has tax implications for shareholders, as the purchase price exceeds the paid-up capital per share, resulting in a deemed dividend for Canadian tax purposes.

The most recent analyst rating on (TSE:CHR) stock is a Hold with a C$24.00 price target. To see the full list of analyst forecasts on Chorus Aviation stock, see the TSE:CHR Stock Forecast page.

Spark’s Take on TSE:CHR Stock

According to Spark, TipRanks’ AI Analyst, TSE:CHR is a Neutral.

Chorus Aviation’s overall stock score reflects a mixed financial performance with some positive technical indicators and a strong earnings call. The company’s strategic initiatives and operational improvements are positive, but valuation concerns and cash flow challenges weigh on the score.

To see Spark’s full report on TSE:CHR stock, click here.

More about Chorus Aviation

Chorus Aviation Inc. is a Canadian company specializing in aviation services through its subsidiaries, including Jazz Aviation, Voyageur Aviation, Cygnet Aviation Academy, and Elisen & Associates. These subsidiaries provide a comprehensive range of services across the aircraft lifecycle, such as regional air services, specialty charter, aircraft modifications, pilot training, and aerospace engineering and certification services.

Average Trading Volume: 56,195

Technical Sentiment Signal: Buy

Current Market Cap: C$594.4M

For detailed information about CHR stock, go to TipRanks’ Stock Analysis page.