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There have been some stocks that have managed to deliver strong gains over the course of the past month and one of those was the Athabasca Oil Corporation (OTCMKTS:ATHOF) stock. Over the past month, the stock has delivered gains of as much as 28% and it could be a good time to take a closer look.
Last month on March 14 the company announced that its normal course issuer bid had been approved by the Toronto Stock Exchange. The bid from the company had been for the purchase of a maximum of 57,967,089 common shares over the course of a 12 months period starting March 16, 2023, and ending on March 15, 2023. The company had noted at the time that it had launched the bid in light of the strength of its balance sheet and also due to its commitment to boost shareholder value through this buyback initiative.
Back on March 1, it announced its financial results for the fiscal year 2022. The company announced that in 2022 it had an adjusted funds flow of $308 million and the cash flow that had been generated from operating activities stood at $316 million. The company had made investments to the tune of $147 million in 2022, which was in line with the guidance that had been previously provided. Out of that, as much as $103 million had been invested in the cornerstone Leismar asset. That also included a planned turnaround.