Grounded Air Canada planes at Pearson International Airport in April, 2021.Nathan Denette/The Canadian Press
One of the benefits that Canada’s System for Electronic Disclosure by Insiders (SEDI) provides investors is timely information on share buybacks via what are known as normal course issuer bids. We combine this buyback data with officer and director filing reports to see where transactions by company insiders are aligned with the share repurchases. If we see both the issuer and insiders buying shares, we have a greater conviction that the company’s shares may be undervalued.
Today, we look at five stocks that appear on our top buyback list for the first quarter and enjoy insider public market net buying. All five stocks rank in the top 30 per cent of our INK Edge rankings, which are based on valuations, insider buying and ownership, plus momentum factors.
The stock of AtkinsRéalis Group Inc. ATRL-T set a 52-week high of $106.82 on Feb. 4, but subsequently retreated, ending the quarter up 1 per cent. During the period, the engineering firm repurchased 955,729 common shares through its normal course issuer bid at an average price of $92.18, for a total outlay of roughly $88.1-million.
Meanwhile, officers and directors reported spending a total of just over $5.1-million in the quarter to acquire 55,741 shares at an average price of $92.03. Among the buyers, chief executive officer Ian Edwards purchased 20,512 shares worth approximately $1.89-million. Three insiders sold a total of 10,478 shares at an average price of $89.83 for proceeds of about $941,216.
Baytex Energy Corp. BTE-T was a double-digit gainer, rallying 40.1 per cent. Baytex repurchased 34,816,544 common shares through its normal course issuer bid during the quarter at an average price of $4.97, for a total outlay of roughly $173.1-million.
Six insiders collectively spent just over $1.7-million to acquire 208,950 shares during the quarter, with no insider sales reported. The most active buyer was president and chief operating officer Chad Lundberg, who accumulated 74,900 shares at an average price of $5.63 across five separate purchases, followed by chief legal officer and corporate secretary James R. Maclean with 50,000 shares at an average price of $4.87 and chief financial officer Chad L. Kalmakoff with 35,000 shares at an average price of $5.14.
The Iran war sent Air Canada AC-T stock on a bumpy ride in the first quarter, with shares dropping 6.1 per cent. The company and insiders were both buying shares during the period. Air Canada repurchased 7,793,732 Class B voting shares through its normal course issuer bid at an average price of $18.19, for a total outlay of roughly $141.8-million.
On the insider side, 16 officers and directors collectively bought 60,180 shares at an average price of $19.33, spending a total of approximately $1.16-million. The airline’s North American employees can participate in an employee share ownership plan where Air Canada matches 33.33 per cent of employee contributions to purchase shares in the public market, subject to plan rules. Air Canada also requires certain executives to maintain a share ownership multiple of up to 1.5 times their annual base salary. As of Jan. 1, 2026, there were 81 executives subject to share ownership guidelines. (I reached out to Air Canada to confirm whether any of the insider buying was related to these ownership incentive measures, but did not receive a response by time of publication.)
No Air Canada insiders reported selling shares during the quarter.
National Bank of Canada NA-T stock held up better, advancing 4.3 per cent in the quarter. The bank repurchased 4,320,400 common shares through its normal course issuer bid during at an average price of $174.55, for a total outlay of roughly $754.1-million. Three insiders collectively bought 5,841 shares at an average price of $189.60, spending a total of approximately $1.1-million. The largest buyer was director Pierre Pomerleau, who purchased 5,300 shares worth roughly $1.01-million. No insiders reported selling shares during the quarter.
Athabasca Oil Corp. ATH-T was the top gainer in our list, with the stock rallying 60 per cent. Athabasca Oil repurchased 2,433,200 common shares through its normal course issuer bid at an average price of $8.75, for a total outlay of roughly $21.3-million. Chairman Ronald Eckhardt bought 150,000 shares in two January transactions at an average price of $6.63, spending a total of approximately $995,250. No insiders reported selling shares during the quarter.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors.