Topaz Energy (TSE:TPZ) Stock Price Down 2% - Here's What Happened

Key Points

• Topaz Energy shares declined by 2% in trading, hitting a low of C$24.95, with a significant decrease in trading volume compared to the average session.
• Analysts have mixed outlooks with CIBC lowering its price target from C$32.00 to C$30.00, while Jefferies raised its target from C$28.00 to C$31.00, resulting in an average price target of C$31.80.
• The company recently increased its quarterly dividend to $0.34 from $0.33, translating to an annual yield of 5.4% despite a high dividend payout ratio of 309.94%.

Topaz Energy Corp. (TSE:TPZ - Get Free Report)'s share price dropped 2% during trading on Monday . The company traded as low as C$24.95 and last traded at C$25.23. Approximately 231,190 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 346,524 shares. The stock had previously closed at C$25.75.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TPZ. CIBC lowered their price target on shares of Topaz Energy from C$32.00 to C$30.00 in a research note on Thursday, April 10th. Jefferies Financial Group upped their target price on Topaz Energy from C$28.00 to C$31.00 in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Topaz Energy has an average rating of "Moderate Buy" and a consensus price target of C$31.80.

Topaz Energy Trading Down 1.0%

The company has a quick ratio of 7.17, a current ratio of 1.89 and a debt-to-equity ratio of 36.45. The firm has a 50 day moving average of C$25.70 and a 200-day moving average of C$24.83. The firm has a market capitalization of C$3.86 billion, a P/E ratio of 59.22 and a beta of 0.50.

Topaz Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Friday, June 13th. This is a positive change from Topaz Energy's previous quarterly dividend of $0.33. Topaz Energy's dividend payout ratio is currently 309.94%.

Insider Buying and Selling at Topaz Energy

In related news, Director Mike Rose purchased 10,000 shares of Topaz Energy stock in a transaction on Tuesday, August 5th. The shares were purchased at an average price of C$25.37 per share, for a total transaction of C$253,729.00. Company insiders own 35.66% of the company's stock.

About Topaz Energy

Topaz Energy Corp. operates as a royalty and energy infrastructure company in Canada. It operates in two segments, the Royalty Assets and the Infrastructure Assets. The company holds royalty interests on approximately 6 million gross acres of developed and undeveloped lands. It also involved in the natural gas processing and water management infrastructure activities.