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Tenaz Energy Corp ( (TSE:TNZ) ) has issued an update.
Tenaz Energy Corp has announced the renewal of its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to 2,479,403 of its shares, approximately 9% of its outstanding shares, using current cash-on-hand and future cash flow. The share buyback, which will run from February 14, 2025, to February 13, 2026, is part of Tenaz’s strategy to manage its capital structure and enhance shareholder value, despite certain restrictions imposed by its debt facilities. This move reflects Tenaz’s confidence in its market positioning and future business outlook.
More about Tenaz Energy Corp
Tenaz Energy Corp is an energy company focused on the acquisition and sustainable development of international oil and gas assets. It operates domestically in Canada and holds offshore natural gas and midstream assets in the Netherlands. The company produces crude oil and natural gas from formations within the Mannville Group in central Alberta, and its Netherlands natural gas assets are located in the Dutch sector of the North Sea. Tenaz’s common shares are traded on the Toronto Stock Exchange under the symbol ‘TNZ’.
YTD Price Performance: 9.34%
Average Trading Volume: 61,788
Technical Sentiment Consensus Rating: Sell
Current Market Cap: C$421M
For an in-depth examination of TNZ stock, go to TipRanks’ Stock Analysis page.
