STEP Energy Services Initiates Share Buyback Program to Enhance Shareholder Value

An announcement from STEP Energy Services ( (TSE:STEP) ) is now available.

STEP Energy Services Ltd. has announced approval from the Toronto Stock Exchange to initiate a normal course issuer bid (NCIB), allowing the company to repurchase up to 3,601,082 common shares, which is 5% of its total outstanding shares. This move is aimed at leveraging the current market condition where the company’s stock price is perceived to be undervalued, thus presenting an opportunity to increase shareholder value. The NCIB will commence on January 9, 2025, and will include an automatic securities purchase plan to facilitate share purchases during blackout periods. The company had previously repurchased and canceled 1,921,734 shares under a similar program, indicating a continued commitment to optimizing its capital structure.

More about STEP Energy Services

STEP Energy Services Ltd. is a company operating in the oil and gas services industry, focusing on providing specialized services such as coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions. The company primarily targets markets in North America and aims to enhance shareholder value through strategic financial management and operational efficiency.

YTD Price Performance: 3.32%

Average Trading Volume: 247,064

Technical Sentiment Consensus Rating: Sell

Current Market Cap: C$313.3M

For an in-depth examination of STEP stock, go to TipRanks’ Stock Analysis page.