Cenovus Energy renews share buyback program

Cenovus Energy (CVE) announced that the TSX has approved the renewal of the company’s normal course issuer bid to purchase up to 127,489,549 common shares during the 12-month period commencing November 11, 2024 and ending November 10, 2025. Cenovus’s prior NCIB for the purchase of up to 133,160,021 common shares is set to expire on November 8. As at October 31, Cenovus had repurchased an aggregate of 64,729,372 common shares at a weighted-average price of $25.20 per common share under its prior NCIB. The number of shares authorized for purchase under the NCIB renewal represents 10% of Cenovus’s public float, as of October 31. On October 31, 2024 Cenovus had 1,826,621,068 common shares outstanding.