Topaz Energy (TSE:TPZ) Shares Down 0.6% - Here's What Happened

Key Points

• Topaz Energy shares fell 0.6% to C$31.25 in Wednesday trading, with volume 38% below the average session level.
• Analyst sentiment remains positive: BMO and CIBC raised their price targets, Scotiabank upgraded the stock to “strong buy,” and the consensus rating is “Buy” with a C$34.07 target.
• The company reported quarterly earnings of C$0.29 per share and C$115.39 million in revenue, while announcing a quarterly dividend of $0.35 per share, representing a 4.5% yield.

Topaz Energy Corp. (TSE:TPZ - Get Free Report)'s stock price dropped 0.6% during trading on Wednesday . The stock traded as low as C$31.00 and last traded at C$31.25. 351,074 shares were traded during mid-day trading, a decline of 38% from the average session volume of 567,737 shares. The stock had previously closed at C$31.45.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. BMO Capital Markets boosted their target price on Topaz Energy from C$35.50 to C$36.50 in a research note on Tuesday, July 28th. Canadian Imperial Bank of Commerce increased their price target on Topaz Energy from C$34.50 to C$35.25 in a research report on Tuesday, July 28th. Finally, Scotiabank upgraded Topaz Energy to a "strong-buy" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Topaz Energy has an average rating of "Buy" and a consensus target price of C$34.07.

Topaz Energy Stock Performance

The company's 50-day moving average is C$31.46 and its two-hundred day moving average is C$31.38. The company has a quick ratio of 7.17, a current ratio of 3.48 and a debt-to-equity ratio of 36.22. The company has a market cap of C$4.84 billion, a P/E ratio of 33.60 and a beta of 0.34.

Topaz Energy (TSE:TPZ - Get Free Report) last released its earnings results on Monday, July 27th. The company reported C$0.29 earnings per share for the quarter. The firm had revenue of C$115.39 million for the quarter. Topaz Energy had a net margin of 48.58% and a return on equity of 12.16%. Equities analysts predict that Topaz Energy Corp. will post 0.2019855 EPS for the current year.

Topaz Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Topaz Energy's dividend payout ratio is 147.31%.

About Topaz Energy

Topaz Energy Corp is a royalty and energy infrastructure company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with Canada's natural gas producers, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies, while maintaining its commitment to environmental, social and governance practices. It generates revenue from the Royalty Assets, which generate the company's Royalty Production Revenue; and the Infrastructure Assets, which generate the company's Processing Revenue and Other Income.

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