Obsidian Energy Ltd (TSE:OBE) has released an update.
Obsidian Energy Ltd. has received the green light from the Toronto Stock Exchange to renew its normal course issuer bid, allowing the repurchase and cancellation of up to 10 percent of its public float, equating to 7,564,767 common shares, by February 2025. The buyback is expected to improve the company’s share value metrics, signaling an attractive investment opportunity as Obsidian believes its stock is currently undervalued. The plan includes an automatic securities purchase plan to allow repurchases during blackout periods, reflecting strong management confidence in the company’s financial prospects.
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