Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Ovintiv Inc.
  6. News
  7. Summary
    OVV   US69047Q1022


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Ovintiv : Company Announces TSX Acceptance of Normal Course Issuer Bid (Form 8-K)

09/28/2021 | 05:32pm EST

Company Announces TSX Acceptance of Normal Course Issuer Bid

DENVER, September 28, 2021 -- Ovintiv (NYSE, TSX: OVV) today announced it is progressing its commitment to increase shareholder returns with the receipt of regulatory approvals for a share buy-back program. This action is consistent with the Company's capital allocation framework, which supports the goal of unlocking shareholder value by delivering on Ovintiv's strategic priorities of financial strength, increasing cash returns to shareholders, generating superior returns on capital investment, and driving ESG progress.

The TSX has accepted Ovintiv's notice of intention to implement a normal course issuer bid (NCIB) to purchase up to 26,048,261 common shares during the 12-month period commencing October 1, 2021, and ending September 30, 2022. The number of shares authorized for purchase represents 10 percent of Ovintiv's public float as of September 20, 2021. 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 permitted by stock exchange rules and securities laws including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Ovintiv has also entered into an automatic share purchase plan (ASPP) allowing it to purchase common shares under the NCIB when Ovintiv would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Ovintiv will provide instructions during non-blackout periods to its designated broker, which may not be varied or suspended during the blackout period. Purchases by Ovintiv's designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP. All purchases made under the ASPP are included in computing the number of common shares purchased under the NCIB. The ASPP has been pre-cleared as required by the stock exchanges.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Ovintiv. The average daily trading volume through the facilities of the TSX, excluding purchases made on such facilities, during the most recently completed six-month period was 419,746 common shares. Consequently, daily purchases through the facilities of the TSX will be limited to 104,936 common shares, other than block purchase exceptions. Purchases over the NYSE will be made in compliance with the volume limitations in Rule 10b-18 in relation to average daily trading volume and block trades. All common shares acquired by Ovintiv under the NCIB may be cancelled or returned to treasury as authorized but unissued shares.

As previously announced, beginning in the fourth quarter of 2021, and until Ovintiv reaches its $3 billion net debt* target, the company plans to return 25% of the previous quarter's free cash flow after base dividends to its shareholders through share buy-backs and/or variable dividends. Once the Company reaches its net debt target of $3 billion, it plans to increase quarterly shareholder returns to at least 50% of the previous quarter's free cash flow after base dividends.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains certain forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. FLS include: the planned share repurchase program, including the amount and number of shares to be acquired, treatment of such shares following purchase, anticipated timeframe, method and location of purchases, announced capital framework; and benefits of the NCIB.

* Net debt is a non-GAAP measure Ovintiv defines as long-term debt, including the current portion, less cash and cash equivalents.
Ovintiv Inc. 1

Readers are cautioned against unduly relying on FLS which, by their nature, involve numerous assumptions, risks and uncertainties that may cause such statements not to occur, or results to differ materially from those expressed or implied. These assumptions include: future commodity prices and differentials; foreign exchange rates; ability to access cash, credit facilities and shelf prospectuses; and expectations and projections made in light of, and generally consistent with, Ovintiv's historical experience and its perception of historical trends, including with respect to the pace of technological development, benefits achieved and general industry expectations.

Risks and uncertainties that may affect these business outcomes include: ability to generate sufficient cash flow to meet obligations and fund the NCIB; commodity price volatility; variability in the amount, number of shares, method, location and timing of purchases, if any, pursuant to the NCIB; fluctuations in currency and interest rates; and other risks and uncertainties impacting Ovintiv's business, as described in its most recent Annual Report on Form 10-K and as described from time to time in Ovintiv's other periodic filings as filed on EDGAR and SEDAR.

Although Ovintiv believes the expectations represented by such FLS are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions, risks and uncertainties referenced above are not exhaustive. FLS are made as of the date of this news release and, except as required by law, Ovintiv undertakes no obligation to update publicly or revise any FLS. FLS contained in this news release are expressly qualified by these cautionary statements.

Further information on Ovintiv is available on the company's website, www.ovintiv.com, or by contacting:

Investor contact:

(888) 525-0304

Media contact:

(403) 645-2252

SOURCE: Ovintiv Inc.

Ovintiv Inc. 2


Ovintiv Inc. published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 21:31:04 UTC.

© Publicnow 2021
All news about OVINTIV INC.
11/30Mizuho Securities Adjusts Ovintiv's Price Target to $56 From $54, Reiterates Buy Rating
11/17UBS Adjusts Ovintiv's Price Target to $59 From $46; Buy Rating Kept
11/16Moody's Upgrades Ovintiv, Changes Outlook to Stable
11/04OVINTIV INC. Management's Discussion and Analysis of Financial Condition and Results o..
11/03Ovintiv Maintained at Buy at TPH, Target Price Raised, as Q3 Results Meet Expectations
11/03Supplemental Information for the period ended September 30, 2021
11/02OVINTIV : Q3 Earnings Snapshot
11/02Ovintiv Reports Third Quarter 2021 Financial and Operating Results - Form 8-K
11/02Ovintiv Edges Up After Hours as Its Third-Quarter Loss Narrows
11/02OVINTIV INC. : Results of Operations and Financial Condition, Other Events, Financial Stat..
More news
Analyst Recommendations on OVINTIV INC.
More recommendations
Financials (USD)
Sales 2021 7 507 M - -
Net income 2021 499 M - -
Net Debt 2021 4 694 M - -
P/E ratio 2021 16,4x
Yield 2021 1,61%
Capitalization 8 519 M 8 553 M -
EV / Sales 2021 1,76x
EV / Sales 2022 1,40x
Nbr of Employees 1 916
Free-Float 99,1%
Duration : Period :
Ovintiv Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends OVINTIV INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 32,63 $
Average target price 41,80 $
Spread / Average Target 28,1%
EPS Revisions
Managers and Directors
Brendan M. McCracken President, Chief Executive Officer & Director
Corey D. Code Chief Financial Officer & Executive Vice President
Peter A. Dea Chairman
Gregory D. Givens Chief Operating Officer & Executive Vice President
Howard J. Mayson Independent Director
Sector and Competitors
1st jan.Capi. (M$)
OVINTIV INC.137.34%8 553
EOG RESOURCES, INC.72.43%50 312
CNOOC LIMITED7.38%44 164