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by Stockwatch Business Reporter
It was a quiet day for equities as U.S. markets stayed closed for American Thanksgiving. West Texas Intermediate crude for January delivery added 13 cents to $58.24 in electronic trading on the New York Merc, while Brent for January lost 11 cents to $63.95 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.65 to WTI, unchanged. Natural gas for January lost two cents to $2.48. The TSX energy index added a fraction to close at 133.67.
Jim Evaskevich's Alberta Cardium producer, Yangarra Resources Ltd. (YGR), edged down one cent to $1.16 on 89,800 shares. It is jumping on the buyback bandwagon and has received TSX approval to repurchase up to 4.26 million of its 85 million shares. Such purchases are deemed "a good investment" by Yangarra, claiming that its share price does not reflect its underlying value. By now, energy investors have lost count of how many times they have heard that. In the last month alone, Birchcliff Energy Ltd. (BIR: $2.24) and International Petroleum Corp. (IPCO: $5.63) have announced share buyback programs, Enerplus Corp. (ERF: $8.41) has expanded its existing buyback program, and Athabasca Oil Corp. (ATH: $0.38) declared its interest in a buyback program subject to receiving shareholder approval at a special meeting on Jan. 8. All of them despaired of their current share prices and insisted that they are, in fact, worth far more.
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