06:26 AM EDT, 09/13/2024 (MT Newswires) -- Precision Drilling ( PDS ) on Friday said it has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) for about 10% of its common shares.

Under the NCIB, the company may acquire up to roughly 1.4 million common shares for cancellation. Purchases under the NCIB may start on Sept. 19 and will terminate by Sept. 18, 2025.

Under its current NCIB, which runs out on Sept. 18, the company has purchased 735,322 common shares on the TSX, NYSE and alternative trading systems at a weighted average purchase price of $88.48 per share.

The shares rose 1.5% yesterday to close at $86.18.