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International Petroleum Corporation ( (TSE:IPCO) ) has shared an update.
International Petroleum Corporation (IPC) has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB), allowing the company to repurchase up to 6,468,077 common shares, which represents approximately 5.8% of its outstanding shares. This move is intended to reduce the company’s outstanding share capital and is seen as an effective use of capital to return value to shareholders. The repurchase will be conducted through the TSX and Nasdaq Stockholm, with the actual number of shares and timing of purchases determined by IPC, and all acquired shares will be canceled.
The most recent analyst rating on (TSE:IPCO) stock is a Hold with a C$28.00 price target. To see the full list of analyst forecasts on International Petroleum Corporation stock, see the TSE:IPCO Stock Forecast page.
Spark’s Take on TSE:IPCO Stock
According to Spark, TipRanks’ AI Analyst, TSE:IPCO is a Neutral.
The overall stock score is primarily influenced by the company’s strong operational performance and positive earnings call sentiment, which are offset by financial challenges such as declining revenue and profitability margins. The technical analysis suggests a potential pullback due to overbought conditions, and the high P/E ratio indicates overvaluation concerns.
To see Spark’s full report on TSE:IPCO stock, click here.
More about International Petroleum Corporation
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high-quality portfolio of assets located in Canada, Malaysia, and France. It is a member of the Lundin Group of Companies and is incorporated in Canada, with shares listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm.
Average Trading Volume: 108,252
Technical Sentiment Signal: Buy
Current Market Cap: C$2.99B
For a thorough assessment of IPCO stock, go to TipRanks’ Stock Analysis page.