Recent Insider Transactions • May 20
President recently bought €249k worth of stock On the 14th of May, Imad Mohsen bought around 15k shares on-market at roughly €17.07 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Imad has been a buyer over the last 12 months, purchasing a net total of €329k worth in shares. Annonce • May 03
Parex Resources Inc. Provides Preliminary Production and Earnings Results for the First Quarter Ended March 31, 2026 Parex Resources Inc. provided preliminary production and earnings results for the first quarter ended March 31, 2026. The company expects average production of 44,735 boe/d, compared to 43,658 boe/d in firsyt quarter 2025.
The company expects net income of $4,589,000 or $0.05 per share, compared to $80,629,000 or $0.82 per share in first quarter 2025. The expected decrease is largely related to unrealized loss on commodity risk management contracts, an increase in deferred tax expense, higher cash settled share-based compensation expense, and the recognition one one-time costs, partially offset by lower current income tax. Annonce • Apr 10
Parex Resources Inc. to Report Q1, 2026 Results on May 12, 2026 Parex Resources Inc. announced that they will report Q1, 2026 results Pre-Market on May 12, 2026 Annonce • Mar 06
Parex Resources Inc. Announces Declaration of First Quarter 2026 Dividend, Payable on March 25, 2026 Parex Resources Inc. has approved a First Quarter 2026 regular dividend of CAD 0.385 per share to shareholders of record on March 18, 2026, to be paid on March 25, 2026. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada). Annonce • Mar 05
Parex Resources Inc., Annual General Meeting, May 12, 2026 Parex Resources Inc., Annual General Meeting, May 12, 2026. Annonce • Jan 20
Parex Resources Inc. Announces Management Changes Parex Resources Inc. announced that Wayne Foo will be retiring as Board Chair and Director of the Board, effective May 12, 2026, and in line with succession planning, current Vice Chair and Director, Glenn McNamara, will assume the role of Chair. Annonce • Oct 30
Parex Resources Inc. (TSX:PXT) proposed to acquire remaining majority stake in GeoPark Limited (NYSE:GPRK). Parex Resources Inc. (TSX:PXT) proposed to acquire remaining majority stake in GeoPark Limited (NYSE:GPRK) on September 4, 2025. A cash consideration valued at $9 per share will be paid by Parex Resources Inc. Upon completion, Parex Resources Inc. will own 100% stake in GeoPark Limited. The Transaction consideration would be funded by Parex' existing cash and other sources of financing that have been advanced by Parex.
The transaction is subject to approval of offer by target shareholders, definitive agreement and third party approval needed. As on October 15, 2025: After six weeks of not engaging, the Chief Executive Officer of GeoPark informs the Chief Executive Officer of Parex in writing that the GeoPark Board has summarily rejected the Proposal.
The Bank of Nova Scotia acted as financial advisor for Parex Resources Inc. Adam Givertz and Stan Richards of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for Parex Resources Inc. Burnet, Duckworth & Palmer LLP acted as legal advisor for Parex Resources Inc. Appleby acted as legal advisor for Parex Resources Inc. Innisfree M&A Incorporated acted as information agent for Parex Resources Inc. Annonce • Oct 01
Parex Resources Inc. to Report Q3, 2025 Results on Nov 04, 2025 Parex Resources Inc. announced that they will report Q3, 2025 results on Nov 04, 2025 Annonce • Jul 04
Parex Resources Inc. Provides Production Guidance for the Second Quarter Ended June 30, 2025 Parex Resources Inc. provided production guidance for the second quarter ended June 30, 2025. Estimated second quarter 2025 average production was 42,550 boe/d. Annonce • Jun 04
Parex Resources Inc. Announces the Appointment of Alberto Consuegra to the Board of Directors, Effective June 1, 2025 Parex Resources Inc. announced the appointment of Alberto Consuegra to the Board of Directors . Effective June 1, 2025, Alberto Consuegra has been appointed to the Board as an independent director. Alberto has more than 30 years of experience in the energy sector. Most recently, Mr. Consuegra served as the Chief Operating Officer of Ecopetrol, Colombia’s national oil company, and for a period of time acted as the Company’s interim Chief Executive Officer. He has also served as the President of Cenit Transporte y Logística de Hidrocarburos S.A.S., the Vice President of Supply and Services of Ecopetrol, and held several executive positions at Equion Energia Ltd. and BP Exploration. Mr. Consuegra graduated from Universidad de Cartagena with a civil engineering degree and holds a master’s degree in civil engineering from Texas A&M University. Annonce • May 09
Parex Resources Inc. Approves Election of Directors Parex Resources Inc. at its AGM held on May 8, 2025, approved the election of Mona Jasinski and Jeff Lawson as directors of the company to serve until the next annual meeting of shareholders or until their successors are elected or appointed. Annonce • Jan 14
Parex Resources Inc. provides Production Guidance for the Fiscal Year 2025 Parex Resources Inc. provided production guidance for the Fiscal Year 2025. For the period, the company's average production guidance has been updated to 43,000-47,000 boe/d. Buy Or Sell Opportunity • Nov 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €9.40. The fair value is estimated to be €11.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 7.1%. Revenue is forecast to decline by 20% in 2 years. Earnings are forecast to decline by 59% in the next 2 years. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 37% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 37% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (23% net profit margin). Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: US$0.65 (vs US$1.13 in 3Q 2023) Third quarter 2024 results: EPS: US$0.65 (down from US$1.13 in 3Q 2023). Revenue: US$257.8m (down 18% from 3Q 2023). Net income: US$65.8m (down 45% from 3Q 2023). Profit margin: 26% (down from 38% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 9.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annonce • Nov 06
Parex Resources Inc. Approves Regular Dividend for the Fourth Quarter of 2024, Payable on December 16, 2024 Parex Resources Inc.'s Board of Directors have approved a Fourth Quarter 2024 regular dividend of CAD 0.385 per share to shareholders of record on December 9, 2024, to be paid on December 16, 2024. Annonce • Oct 08
Parex Resources Inc. to Report Q3, 2024 Results on Nov 05, 2024 Parex Resources Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 Recent Insider Transactions • Sep 12
President recently bought €117k worth of stock On the 3rd of September, Imad Mohsen bought around 13k shares on-market at roughly €8.91 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Imad has been a buyer over the last 12 months, purchasing a net total of €667k worth in shares. Upcoming Dividend • Sep 05
Upcoming dividend of CA$0.39 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to €7.85, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €11.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 1.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.88 per share. Declared Dividend • Aug 05
Second quarter dividend of CA$0.39 announced Shareholders will receive a dividend of CA$0.39. Ex-date: 9th September 2024 Payment date: 16th September 2024 Dividend yield will be 9.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 42% per year over the past 3 years and payments have been stable during that time. EPS is expected to decline by 1.3% over the next year. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (26% net profit margin). Significant insider selling over the past 3 months (€3.5m sold). New Risk • Aug 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 26% Last year net profit margin: 44% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (26% net profit margin). Significant insider selling over the past 3 months (€3.5m sold). New Risk • Jul 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 12% per year for the foreseeable future. High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (€3.5m sold). Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Lynn Azar was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Apr 24
Parex Resources Inc. to Report Q1, 2024 Results on May 08, 2024 Parex Resources Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: US$1.17b (down 11% from FY 2022). Net income: US$459.3m (down 25% from FY 2022). Profit margin: 39% (down from 47% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Lynn Azar was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Feb 24
Parex Resources Inc., Annual General Meeting, May 09, 2024 Parex Resources Inc., Annual General Meeting, May 09, 2024. Location: Calgary Alberta Canada Annonce • Feb 13
Parex Resources Inc. to Report Q4, 2023 Results on Feb 29, 2024 Parex Resources Inc. announced that they will report Q4, 2023 results After-Market on Feb 29, 2024 New Risk • Feb 08
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €639k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (43% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (€639k sold). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €14.72, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 25% over the past three years. Annonce • Jan 16
Parex Resources Inc. Provides Production Guidance for Year 2024 and Three-Year Outlook for 2024 Through 2026 Parex Resources Inc. provided production guidance for year 2024 and three-year outlook for 2024 through 2026. Average annual production is expected to be approximately 54,000 to 60,000 boe/d, representing 5% year-over-year growth at the midpoint.For three-year outlook for 2024 through 2026, the company expects annual average production growth of approximately 5% or higher per year. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.38 per share at 5.8% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 5.8%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 08
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$314.8m (down 2.6% from 3Q 2022). Net income: US$119.7m (up 82% from 3Q 2022). Profit margin: 38% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Oil and Gas industry in Germany. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.38 per share at 5.7% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 19% and the cash payout ratio is 75%. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.3%). Recent Insider Transactions • Sep 03
Chief Operating Officer recently sold €1.0m worth of stock On the 29th of August, Eric Furlan sold around 59k shares on-market at roughly €17.45 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Eric's only on-market trade for the last 12 months. Annonce • Aug 24
Parex Resources Inc. Announces Appointment of Sanjay Bishnoi as Chief Financial Officer, Effective October 2, 2023 Parex Resources Inc. announced the appointment of Sanjay Bishnoi to Chief Financial Officer, effective October 2, 2023. Mr. Bishnoi is a proven Chief Financial Officer with over 25 years of financial and leadership experience, primarily in the energy sector. Most recently, he held the position of Chief Financial Officer at TotalEnergies EP Canada. Prior to that role, he served as the Chief Financial Officer and Senior Vice President of Enerflex from 2019 to 2023, where he led all financial and reporting aspects of the global natural gas infrastructure company. From 2015 to 2019, he was a co-founder and served as the Chief Financial Officer of Caprock Midstream, a privately held midstream operator in the Delaware basin. His career has also encompassed financial and operational roles with organizations such as GE, The Dow Chemical Company, El Paso Global LNG, The Boston Consulting Group, and Imperial Oil. Mr. Bishnoi holds an MBA from the University of Chicago, a Ph.D. in Chemical Engineering from the University of Texas at Austin, and a B.Sc. in Chemical Engineering from the University of Calgary. Mr. Bishnoi will succeed Ken Pinsky, who, as previously announced, is electing to retire. Mr. Pinsky joined Petro Andina, Parex’s predecessor, in 2008 as Vice President, Finance, and Chief Financial Officer, and has been the Chief Financial Officer of Parex since its inception. Following Mr. Bishnoi’s appointment, Mr. Pinsky will remain with the Company until November 30, 2023, to ensure a smooth transition. New Risk • Aug 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0.95 (vs US$1.24 in 2Q 2022) Second quarter 2023 results: EPS: US$0.95 (down from US$1.24 in 2Q 2022). Revenue: US$274.0m (down 21% from 2Q 2022). Net income: US$101.4m (down 29% from 2Q 2022). Profit margin: 37% (down from 42% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. New Risk • Jul 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.38 per share at 5.2% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.4%). Reported Earnings • May 11
First quarter 2023 earnings released: EPS: US$0.96 (vs US$1.29 in 1Q 2022) First quarter 2023 results: EPS: US$0.96 (down from US$1.29 in 1Q 2022). Revenue: US$271.1m (down 18% from 1Q 2022). Net income: US$104.4m (down 32% from 1Q 2022). Profit margin: 39% (down from 46% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: US$5.38 (vs US$2.42 in FY 2021) Full year 2022 results: EPS: US$5.38 (up from US$2.42 in FY 2021). Revenue: US$1.31b (up 46% from FY 2021). Net income: US$611.4m (up 102% from FY 2021). Profit margin: 47% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 39% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 8.0%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.38 per share at 6.5% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.4%). Recent Insider Transactions • Dec 10
Independent Director recently bought €64k worth of stock On the 7th of December, Sigmund Cornelius bought around 5k shares on-market at roughly €12.72 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €117k. Insiders have collectively bought €356k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.25 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.0%). Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$0.59 (vs US$0.55 in 3Q 2021) Third quarter 2022 results: EPS: US$0.59. Revenue: US$323.3m (up 40% from 3Q 2021). Net income: US$65.6m (down 3.4% from 3Q 2021). Profit margin: 20% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 4.5% decline forecast for the Oil and Gas industry in Germany. Annonce • Nov 04
Parex Resources Inc. Declares Dividend for the Fourth Quarter of 2022, Payable on December 30, 2022 Parex Resources Inc. Board of Directors has approved a fourth quarter 2022 regular dividend of CAD 0.25 per share to be paid on December 30, 2022, to shareholders of record on December 15, 2022. Recent Insider Transactions • Oct 23
Chairman of the Board recently bought €117k worth of stock On the 17th of October, Wayne Foo bought around 8k shares on-market at roughly €15.64 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Wayne's only on-market trade for the last 12 months. Annonce • Oct 15
Parex Resources Inc. Provides Production Guidance for Third Quarter 2022 Parex Resources Inc. provided production guidance for third quarter 2022. For the quarter, average production is estimated to be 51,100 boe/d(1), up approximately 8% from Third Quarter 2021 and consistent with Second Quarter 2022. Third quarter 2022 average production varied from Management’s guidance of 53,000 to 55,000 boe/d(4) due to delays from the unplanned testing of new zones, operational and weather-related setbacks, as well as temporary localized blockades. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.25 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €14.60, the stock trades at a trailing P/E ratio of 3.7x. Average forward P/E is 4x in the Oil and Gas industry in Germany. Total returns to shareholders of 16% over the past three years. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$1.24 (vs US$0.72 in 2Q 2021) Second quarter 2022 results: EPS: US$1.24 (up from US$0.72 in 2Q 2021). Revenue: US$345.0m (up 63% from 2Q 2021). Net income: US$143.1m (up 56% from 2Q 2021). Profit margin: 42% (down from 43% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 24%, compared to a 43% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €17.30, the stock trades at a trailing P/E ratio of 4.9x. Average forward P/E is 5x in the Oil and Gas industry in Germany. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.25 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 9.3% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.9%). 
