Topaz Energy Maintained at Buy at TPH Following Q4 Results; Price Target at C$29.00

MT Newswires Live2025-02-26

Tudor, Pickering, Holt on Tuesday maintained its buy rating on the shares of Topaz Energy (TPZ.TO) with a C$29.00 price target following fourth-quarter results from the Western Canadian oil and gas royalty and infrastructure company.

"Slight positive on Q4 results, which were headlined by cash flow and free cash flow sighlty ahead of expectations despite total production coming in slightly below consensus (which was more than offset by a liquids mix, realizations, and expenses vs. our model). For context, Q4'24 cash flow per share for the quarter totaled C$0.49, ahead of both TPHe/Street C$0.48. Net of capex, which also beat our model, at C$2.4MM vs TPHe C$2.8MM (inclusive of acquisition activity), FCF of C$71.4MM came in ahead of TPHe C$70.6MM. On ops results, production averaged 20.3mboepd, a touch behind TPHe of 21.1mboepd and Street 20.9mboepd, with 6.3mbpd liquids above TPHe 6.1 but in-line with Street 6.3. Looking ahead, FY'25 guidance includes 21-23mboepd production (bounding TPHe/Street), infrastructure revenue of C$88-92MM, infrastructure capex of C$5-7MM, and a net debt target of C$425MM at the midpoint by YE'25," analyst Jeoffrey Lambujon noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 24.78, Change: -0.72, Percent Change: -2.82

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