This company is benefitting from recent strength in the price of natural gas
On today’s Breakouts report, there are five stocks on the positive breakouts list , and 16 stocks are on the negative breakouts list .). The stock is benefitting from recent strength in the price of natural gas. Looking ahead, a key risk for the stock is a warm winter leading to soft demand for natural gas.
Last month, management announced that it entered into an agreement to purchase Repsol Canada Energy Partnership with assets also located in the Alberta Deep Basin. The acquisition, with a purchase price of US$468-million, is expected to be completed in mid-Oct. To fund this planned acquisition, the company expanded its existing revolver credit facility to $1-billion from $800-million, and completed an equity financing.
Management employs a hedging strategy in order to mitigate risk from commodity price volatility. For the winter, over 55 per cent of the company’s forecast volumes are hedged at $4.77 per thousand cubic feet , and next summer around 45 per cent of Peyto’s volumes are hedged at $3.6 per Mcf.On Aug. 9, the company reported better-than-expected second-quarter financial results. Funds from operations came in at 81 cents per share, a penny above the Street’s expectations.
Raymond James’ Jeremy McCrea upgraded his recommendation to an “outperform” from “market perform” and raised his target price to $15 from $13.50.Scotiabank’s Cameron Bean raised his target price by $2 to $23 .The consensus cash flow per share estimate is $3.91 in 2023, down from $4.73 reported in 2022, and $4.66 in 2024.The stock is commonly valued by analysts on an enterprise value-to-debt adjusted cash flow basis.
The stock chart turned positive. In late September, the stock exhibited a bullish technical signal – a “golden Cross.” This occurs when the 50-day moving average rises above the 200-day moving average.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Stocks Slide as Traders Return From Golden Week Break - BNN BloombergChinese stocks fell as traders returned from the Golden Week holidays, with tourism data trailing some expectations and global uncertainties denting sentiment.
Read more »
China Stocks Slip as Traders Return From Golden Week Break(Bloomberg) -- Chinese stocks edged lower as traders returned from the Golden Week holidays, with tourism data trailing some expectations and global...
Read more »
Vegas Golden Knights sign prospect Jakub Demek to entry-level contractDemek was limited to just 15 regular season games due to injuries last year, but had a solid 11 points...
Read more »
B.C. mother, whose son drowned, wants more safety signage at Golden Ears ParkMichelle Tomas said her 13-year-old son, Ivan, drowned at North Beach in Golden Ears Park on Aug. 22.
Read more »
Chinese Tourists Flock to Dubai During Golden Week on Free Visa - BNN BloombergChinese tourists flocked to the Middle East during the eight-day Golden Week holiday, as popular travel destinations like Dubai roll out free visas and increase flight capacity, according to Trip.com Group Ltd.
Read more »
Golden Knights looking to repeat, Connor McDavid’s next trick, Connor Bedard’s debut among NHL storylinesVegas begins Stanley Cup defence against Seattle at home, while Connor Bedard to debut for Chicago against Penguins on NHL’s opening night
Read more »