Declared Dividend • May 20
First quarter dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 3.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not covered by cash flows (298% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 4 years and payments have been stable during that time. EPS is expected to decline by 9.5% over the next year. However, it would need to fall by 16% to increase the payout ratio to a potentially unsustainable range. Annuncio • Mar 10
Headwater Exploration Inc., Annual General Meeting, May 20, 2026 Headwater Exploration Inc., Annual General Meeting, May 20, 2026. Annuncio • Oct 31
Headwater Exploration Inc. Declares a Quarterly Cash Dividend, Payable on January 15, 2026 The Board of Directors of Headwater Exploration Inc. declared a quarterly cash dividend to shareholders of $0.11 per common share payable on January 15, 2026, to shareholders of record at the close of business on December 31, 2025. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). Annuncio • May 27
Headwater Exploration Inc. to Report Q2, 2025 Results on Jul 23, 2025 Headwater Exploration Inc. announced that they will report Q2, 2025 results After-Market on Jul 23, 2025 Annuncio • May 02
Headwater Exploration Inc. Declares Cash Dividend for the Second Quarter, Payable on July 15, 2025 The Board of Directors of Headwater has declared a quarterly cash dividend to shareholders of $0.11 per common share payable on July 15, 2025, to shareholders of record at the close of business on June 30, 2025. Annuncio • Mar 14
Headwater Exploration Inc. Declares First Quarter Dividend, Payable on April 15, 2025 Headwater Exploration Inc. confirms a first quarter cash dividend to shareholders of $0.11 per common share payable on April 15, 2025, to shareholders of record at the close of business on March 31, 2025. Annuncio • Mar 04
Headwater Exploration Inc., Annual General Meeting, May 08, 2025 Headwater Exploration Inc., Annual General Meeting, May 08, 2025. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: CA$0.20 (vs CA$0.21 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.20 (down from CA$0.21 in 3Q 2023). Revenue: CA$129.7m (up 3.7% from 3Q 2023). Net income: CA$47.6m (down 4.1% from 3Q 2023). Profit margin: 37% (down from 40% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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 11% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (96% cash payout ratio). Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 51% and the cash payout ratio is 95%. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.6%). Declared Dividend • Aug 05
Second quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 6.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. Earnings per share has grown by 59% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: CA$0.23 (vs CA$0.13 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.23 (up from CA$0.13 in 2Q 2023). Revenue: CA$135.6m (up 26% from 2Q 2023). Net income: CA$53.9m (up 74% from 2Q 2023). Profit margin: 40% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 37% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Annuncio • Jul 26
Headwater Exploration Inc. Declares Third Quarter Dividend, Payable on October 15, 2024 The Board of Directors of Headwater Exploration Inc. has declared a quarterly cash dividend to shareholders of $0.10 per common share payable on October 15, 2024, to shareholders of record at the close of business on September 27, 2024. Recent Insider Transactions • Jun 23
Independent Director recently sold €567k worth of stock On the 20th of June, Chandra Henry sold around 119k shares on-market at roughly €4.75 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.6m. Insiders have been net sellers, collectively disposing of €20m more than they bought in the last 12 months. Recent Insider Transactions • Jun 10
CEO, President & Director recently sold €518k worth of stock On the 7th of June, Jason Jaskela sold around 108k shares on-market at roughly €4.80 per share. This transaction amounted to 95% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.6m. Jason has been a net seller over the last 12 months, reducing personal holdings by €730k. Declared Dividend • May 20
First quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 6.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but not covered by cash flows (152% cash payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 6.7% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CA$0.16 (vs CA$0.13 in 1Q 2023) First quarter 2024 results: EPS: CA$0.16 (up from CA$0.13 in 1Q 2023). Revenue: CA$112.5m (up 27% from 1Q 2023). Net income: CA$37.6m (up 26% from 1Q 2023). Profit margin: 34% (in line with 1Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 2 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 48% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 14
Insider recently sold €1.1m worth of stock On the 9th of April, Jonathan Grimwood sold around 200k shares on-market at roughly €5.66 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.6m. Insiders have been net sellers, collectively disposing of €18m more than they bought in the last 12 months. Recent Insider Transactions • Apr 10
Independent Director recently sold €6.6m worth of stock On the 2nd of April, Stephen Larke sold around 1m shares on-market at roughly €5.34 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €17m more than they bought in the last 12 months. Recent Insider Transactions • Apr 01
Independent Director recently sold €3.5m worth of stock On the 28th of March, Stephen Larke sold around 660k shares on-market at roughly €5.31 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €12m more than they bought in the last 12 months. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.4%). Recent Insider Transactions • Mar 20
Insider recently sold €1.3m worth of stock On the 18th of March, Terry Danku sold around 250k shares on-market at roughly €5.06 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €12m more than they bought in the last 12 months. Declared Dividend • Mar 18
Fourth quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 6.3%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not covered by cash flows (150% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to decline by 3.5% over the next 2 years. However, it would need to fall by 33% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: CA$0.66 (vs CA$0.71 in FY 2022) Full year 2023 results: EPS: CA$0.66 (down from CA$0.71 in FY 2022). Revenue: CA$425.5m (up 14% from FY 2022). Net income: CA$156.1m (down 3.7% from FY 2022). Profit margin: 37% (down from 43% in FY 2022). The decrease in margin was driven by higher expenses. Oil reserves Proven reserves: 22.79 MMbbls Gas reserves Proven reserves: 25.024 Bcf LNG reserves Proven reserves: 0.15 MMbbls Combined production Oil equivalent production: 6.581 MMboe (4.685 MMboe in FY 2022) Revenue is forecast to grow 20% p.a. on average during the next 2 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 59% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 01
Headwater Exploration Inc., Annual General Meeting, May 09, 2024 Headwater Exploration Inc., Annual General Meeting, May 09, 2024. Recent Insider Transactions • Jan 15
Lead Independent Director recently bought €408k worth of stock On the 10th of January, Kevin Olson bought around 100k shares on-market at roughly €4.08 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €13m more in shares than they bought in the last 12 months. Recent Insider Transactions • Dec 25
President recently sold €212k worth of stock On the 22nd of December, Jason Jaskela sold around 48k shares on-market at roughly €4.45 per share. This transaction amounted to 2.3% 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 Jason's only on-market trade for the last 12 months. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.10 per share at 6.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 6.2%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.1%). Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.10 per share at 6.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 6.2%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.1%). Annuncio • Nov 11
Headwater Exploration Inc. Declares Quarterly Cash Dividend, Payable on January 15, 2024 The Board of Directors of Headwater has declared a quarterly cash dividend to shareholders of $0.10 per common share payable on January 15, 2024, to shareholders of record at the close of business on December 29, 2023. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: CA$0.21 (vs CA$0.14 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.21 (up from CA$0.14 in 3Q 2022). Revenue: CA$125.1m (up 65% from 3Q 2022). Net income: CA$49.7m (up 57% from 3Q 2022). Profit margin: 40% (down from 42% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.10 per share at 5.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.4%). Recent Insider Transactions • Sep 19
Independent Director recently sold €216k worth of stock On the 12th of September, David Pearce sold around 43k shares on-market at roughly €5.03 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.0m. Insiders have been net sellers, collectively disposing of €14m more than they bought in the last 12 months. Annuncio • Sep 17
Headwater Exploration Inc. Announces Chief Financial Officer Changes Headwater Exploration Inc. appointed Georgia Little to the position of chief financial officer. Ali Horvath, the company's current chief financial officer, is expected to be on maternity leave in October. Little is a chartered professional accountant and she has been the controller of Headwater since April 2020. Annuncio • Sep 15
Headwater Exploration Inc. Declares Quarterly Cash Dividend, Payable on October 16, 2023 Headwater Exploration Inc. announced its Board of Directors has declared a quarterly cash dividend to shareholders of CAD 0.10 per common share in alignment with the Company's return of capital strategy. This quarterly dividend will be paid on October 16, 2023, to shareholders of record at the close of business on September 29, 2023. These dividends are designated eligible dividends for the purposes of the Income Tax Act (Canada). Recent Insider Transactions • Sep 02
Insider recently sold €2.0m worth of stock On the 29th of August, Terry Danku sold around 416k shares on-market at roughly €4.79 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €13m more than they bought in the last 12 months. Recent Insider Transactions • Aug 13
Independent Director recently sold €231k worth of stock On the 9th of August, Stephen Larke sold around 45k shares on-market at roughly €5.11 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.4m. Insiders have been net sellers, collectively disposing of €11m more than they bought in the last 12 months. Annuncio • Aug 05
Headwater Exploration Inc. Announces Executive Changes Headwater Exploration Inc. has created a new ventures group. Jon Grimwood, current vice-president of exploration, will now spearhead the recently created new ventures team. As vice-president of new ventures, Grimwood will continue to be actively involved in all geotechnical aspects of Headwater with a significantly increased focus on new play development. Dieter Deines will be appointed vice-president of exploration effective September 1, 2023. Deines will assume a portion of Grimwood's current duties, primarily focused on leading the geotechnical team in the continued development of its Clearwater assets. Deines extensive experience in the Western Canadian Sedimentary Basin will provide for a seamless integration into this role. Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: CA$0.13 (vs CA$0.21 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.13 (down from CA$0.21 in 2Q 2022). Revenue: CA$98.7m (down 5.8% from 2Q 2022). Net income: CA$30.9m (down 36% from 2Q 2022). Profit margin: 31% (down from 46% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 2 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 89% per year whereas the company’s share price has increased by 88% per year. Recent Insider Transactions • Jul 20
Lead Independent Director recently sold €1.4m worth of stock On the 14th of July, Kevin Olson sold around 314k shares on-market at roughly €4.60 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €11m more than they bought in the last 12 months. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.10 per share at 6.3% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 17 July 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Recent Insider Transactions • Jun 11
Insider recently sold €963k worth of stock On the 5th of June, Terry Danku sold around 203k shares on-market at roughly €4.74 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.0m. Insiders have been net sellers, collectively disposing of €7.6m more than they bought in the last 12 months. Recent Insider Transactions • Jun 04
Independent Director recently sold €93k worth of stock On the 2nd of June, Phillip Knoll sold around 20k shares on-market at roughly €4.67 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.0m. Insiders have been net sellers, collectively disposing of €7.4m more than they bought in the last 12 months. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: CA$0.13 (vs CA$0.19 in 1Q 2022) First quarter 2023 results: EPS: CA$0.13 (down from CA$0.19 in 1Q 2022). Revenue: CA$98.1m (down 4.2% from 1Q 2022). Net income: CA$30.0m (down 29% from 1Q 2022). Profit margin: 31% (down from 41% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Annuncio • May 12
Headwater Exploration Inc. Approves the Election of Devery Corbin as Director Headwater Exploration Inc. approved the election of Devery Corbin as director, at its annual meeting of shareholders (the "Meeting") held on May 11, 2023. Recent Insider Transactions • Apr 04
Insider recently sold €572k worth of stock On the 31st of March, Terry Danku sold around 133k shares on-market at roughly €4.29 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.0m. Insiders have been net sellers, collectively disposing of €8.9m more than they bought in the last 12 months. Recent Insider Transactions • Mar 27
Independent Director recently sold €1.5m worth of stock On the 22nd of March, Stephen Larke sold around 350k shares on-market at roughly €4.29 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.0m. Insiders have been net sellers, collectively disposing of €8.3m more than they bought in the last 12 months. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.10 per share at 6.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 17 April 2023. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.4%). Recent Insider Transactions • Mar 19
Vice-President of Exploration recently sold €2.0m worth of stock On the 14th of March, Jonathan Grimwood sold around 451k shares on-market at roughly €4.37 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.4m more than they bought in the last 12 months. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: CA$0.71 (vs CA$0.23 in FY 2021) Full year 2022 results: EPS: CA$0.71 (up from CA$0.23 in FY 2021). Revenue: CA$375.4m (up 127% from FY 2021). Net income: CA$162.1m (up 254% from FY 2021). Profit margin: 43% (up from 28% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 95% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 29
Vice-President of Exploration recently sold €504k worth of stock On the 23rd of December, Jonathan Grimwood sold around 121k shares on-market at roughly €4.16 per share. This transaction amounted to 7.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €686k. Insiders have been net sellers, collectively disposing of €3.4m more than they bought in the last 12 months. Recent Insider Transactions • Nov 27
Lead Independent Director recently sold €686k worth of stock On the 24th of November, Kevin Olson sold around 153k shares on-market at roughly €4.47 per share. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.4m more than they bought in the last 12 months. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. 1 highly experienced director. Independent Director Phil Knoll is the most experienced director on the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: CA$0.14 (vs CA$0.13 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.14 (up from CA$0.13 in 3Q 2021). Revenue: CA$75.6m (up 77% from 3Q 2021). Net income: CA$31.5m (up 21% from 3Q 2021). Profit margin: 42% (down from 61% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.5% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to €4.64, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,026% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to €4.70, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,055% over the past three years. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: CA$0.21 (vs CA$0.023 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.21 (up from CA$0.023 in 2Q 2021). Revenue: CA$101.7m (up 193% from 2Q 2021). Net income: CA$48.4m (up CA$43.8m from 2Q 2021). Profit margin: 48% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 55%, compared to a 32% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 01
Chairman & CEO recently bought €647k worth of stock On the 29th of June, Neil Roszell bought around 150k shares on-market at roughly €4.31 per share. This was the largest purchase by an insider in the last 3 months. This was Neil's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €4.88, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,040% over the past three years. Recent Insider Transactions • Jun 12
Lead Independent Director recently sold €878k worth of stock On the 8th of June, Kevin Olson sold around 150k shares on-market at roughly €5.85 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.3m. Insiders have been net sellers, collectively disposing of €5.3m more than they bought in the last 12 months. Recent Insider Transactions • May 22
Insider recently sold €74k worth of stock On the 19th of May, Bradley Christman sold around 14k shares on-market at roughly €5.26 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €7.9m more than they bought in the last 12 months. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: CA$0.19 (vs CA$0.065 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.19 (up from CA$0.065 loss in 1Q 2021). Revenue: CA$98.3m (up 340% from 1Q 2021). Net income: CA$42.4m (up CA$55.2m from 1Q 2021). Profit margin: 43% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 97%, compared to a 52% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • May 13
Headwater Exploration Inc. Revises Production Guidance for the Fourth Quarter and Full Year 2022 Headwater Exploration Inc. revised its production guidance for the fourth quarter and full year 2022. For the quarter, the company now expects production of 16,500 boe/d compared to previous guidance of 15,000 boe/d.For full year, the company now expects production of 13,000 boe/d compared to previous guidance of 12,500 boe/d. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. 1 highly experienced director. Independent Director Phil Knoll is the most experienced director on the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Mar 06
Headwater Exploration Inc., Annual General Meeting, May 12, 2022 Headwater Exploration Inc., Annual General Meeting, May 12, 2022. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 15% share price gain to €4.96, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 997% over the past three years. Annuncio • Feb 02
Headwater Exploration Inc. Provides Production Guidance for the Full Year 2022 Headwater Exploration Inc. provided production guidance for the full year 2022. For the year, the company expected e a nominal increase on 2022 production from the Company's previously released 2022 production guidance of 12,500 boe/d (11,500 bbls/d of heavy oil and 6.2 mmcf/d of natural gas). Recent Insider Transactions • Dec 12
Vice-President of Exploration recently sold €258k worth of stock On the 8th of December, Jonathan Grimwood sold around 70k shares on-market at roughly €3.68 per share. In the last 3 months, there was an even bigger sale from another insider worth €539k. Insiders have been net sellers, collectively disposing of €8.2m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 22% share price gain to €3.58, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 638% over the past three years. Recent Insider Transactions • Sep 26
Independent Director recently sold €539k worth of stock On the 23rd of September, David Pearce sold around 180k shares on-market at roughly €2.99 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €7.7m more than they bought in the last 12 months. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS CA$0.023 (vs CA$0.012 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$34.7m (up CA$34.1m from 2Q 2020). Net income: CA$4.59m (up CA$6.27m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 88% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jun 13
President recently sold €2.8m worth of stock On the 7th of June, Jason Jaskela sold around 900k shares on-market at roughly €3.09 per share. This was the largest sale by an insider in the last 3 months. Jason has been a seller over the last 12 months, reducing personal holdings by €3.2m. Recent Insider Transactions • Jun 08
Vice President of Engineering recently sold €1.0m worth of stock On the 1st of June, Terry Danku sold around 338k shares on-market at roughly €3.03 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.0m more than they bought in the last 12 months. Recent Insider Transactions • Jun 02
Vice-President of Land recently sold €753k worth of stock On the 26th of May, Scott Rideout sold around 268k shares on-market at roughly €2.81 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.1m more than they bought in the last 12 months. Recent Insider Transactions • May 24
Vice-President of Exploration recently sold €260k worth of stock On the 18th of May, Jonathan Grimwood sold around 85k shares on-market at roughly €3.06 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €325k more than they bought in the last 12 months. Reported Earnings • May 14
First quarter 2021 earnings released: CA$0.07 loss per share (vs CA$0.065 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CA$22.3m (up CA$20.1m from 1Q 2020). Net loss: CA$12.8m (loss widened 88% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 171 percentage points per year, which is a significant difference in performance. Annuncio • May 13
Headwater Exploration Inc. Revises Production Guidance for the Fourth Quarter and Full Year of 2021 Headwater Exploration Inc. revised production guidance for the fourth quarter and full year of 2021. Fourth quarter 2021 daily production is now expected to be 9,000 boe/d - 9,500 boe/d compared to 8,000 boe/d - 8,500 boe/d as previously expected.
For the year 2021, average daily production is now expected to be 7,000 boe/d – 7,250 boe/d compared to 6,500 boe/d – 7,000 boe/d as previously expected. Annuncio • Mar 12
Headwater Exploration Inc. Provides Production Update Headwater Exploration Inc. provided production update . The first quarter of 2021 has been very active to date. Accomplishments include Rig released 11 8-leg horizontal wells in the core producing area of Marten Hills; Currently drilling one remaining 8-leg horizontal well in Marten Hills to complete Headwater's first quarter program; Rig released 5 horizontal injection wells including 1 4-leg horizontal injector, 2 2-leg horizontal injectors and 2 single leg horizontal injectors; Drilled, completed and tested two Grand Rapids/Clearwater source wells; Drilled and evaluated one stratigraphic test well; and Drilled in excess of 150,000 meters and achieved average well costs equivalent to established Clearwater operators. The producing and injection wells drilled this quarter occurred from three pad sites which prevented many of the new wells from being placed on production until all drilling and completion operations for the quarter were completed. Through some ingenuity the team was able to begin production from four of the 8-leg horizontal wells in the last couple of weeks. The balance of the new producing wells will be placed on production in conjunction with the completion of the multi-well batteries prior to the end of March. Headwater looks forward to providing a fulsome production update in conjunction with first quarter results to be released in early May. The Marten Hills area is characterized by challenging break-up conditions from April through to June. With the expected ramp up in production, and associated fluid movement in April, Headwater has been actively preparing contingencies to tackle the logistical challenges of break-up at Marten Hills. The advanced preparations will assist the company in minimizing downtime during the second quarter. Access to a portion of the Marten Hills exploration lands was confirmed during the first quarter. The company expects to license the first four exploration tests imminently and expect to begin drilling as early as late August 2021. An additional three to five exploration tests will be drilled as soon as access allows, which is anticipated to commence in December and continue into the first quarter of 2022. Annuncio • Mar 05
Headwater Exploration Inc., Annual General Meeting, May 13, 2021 Headwater Exploration Inc., Annual General Meeting, May 13, 2021. Is New 90 Day High Low • Jan 19
New 90-day high: €1.84 The company is up 122% from its price of €0.83 on 21 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.21 per share. Recent Insider Transactions • Jan 14
Independent Director recently sold €65k worth of stock On the 8th of January, Phillip Knoll sold around 35k shares on-market at roughly €1.86 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €197k more than they bought in the last 12 months. Annuncio • Dec 04
Headwater Exploration Inc. (TSX:HWX) completed the acquisition of Marten Hills Oil Assets in Northern Alberta from Cenovus Energy Inc. (TSX:CVE). Headwater Exploration Inc. (TSX:HWX) entered into a definitive agreement to acquire Marten Hills Oil Assets in Northern Alberta from Cenovus Energy Inc. (TSX:CVE) on November 6, 2020. The total consideration to be paid to Cenovus for the Transaction consists of CAD 35 million in cash, 50 million common shares of Headwater and 15 million purchase warrants. Cenovus will retain a gross overriding royalty on the core development area and on the exploratory lands. Pursuant to the execution of the definitive agreement, Headwater will pay a CAD 10 million deposit to Cenovus which will be credited against the consideration on closing. Upon closing, Kam Sandhar, Senior Vice-President, Conventional and Sarah Walters, Senior Vice-President, Corporate Services will represent Cenovus on the Board of Directors of Headwater. The transaction is subject to the approval by the shareholders and board of directors of Headwater. The transaction is also subject to certain regulatory and other authorities and to the satisfaction or waiver of other customary closing conditions. As of November 6, 2020, Board of directors of Headwater approved the transaction. As of November 18, 2020, Headwater shareholders approved the transaction. The transaction is expected to close on or about December 22, 2020. As per the announcement made on November 18, 2020, the transaction is expected to close on or about December 2, 2020. Peters & Co., Limited acted as the financial advisor and Burnet, Duckworth & Palmer LLP acted as the legal advisor to Headwater.
Headwater Exploration Inc. (TSX:HWX) completed the acquisition of Marten Hills Oil Assets in Northern Alberta from Cenovus Energy Inc. (TSX:CVE) on December 2, 2020. Annuncio • Dec 03
Headwater Exploration Inc. Appoints Kam Sandhar as Board of Director Cenovus Energy Inc. and Headwater Exploration Inc. announced the closing of the acquisition by Headwater of Cenovus's assets in the Marten Hills area of Alberta. Pursuant to the transaction, Headwater acquired a 100% working interest in approximately 2,800 barrels per day of medium gravity oil production and 270 net sections of Clearwater rights. Concurrent with closing the transaction, Kam Sandhar, Cenovus's Senior Vice-President, Conventional, and Sarah Walters, Cenovus's Senior Vice-President, Corporate Services, were appointed to the Board of Directors of Headwater. Is New 90 Day High Low • Nov 11
New 90-day high: €1.05 The company is up 33% from its price of €0.79 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 42% over the same period.