Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CA$4.66, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 24x in the Oil and Gas industry in Canada. Total loss to shareholders of 11% over the past three years. Announcement • Jun 17
Journey Energy Inc. Updates Operating Guidance for 2026 Journey Energy Inc. updated operating guidance for 2026. The company expects now annual average daily sales volumes 10,300 boe/d -10,700 boe/d (65% crude oil & NGL's) compared to previous guidance of 10,800 boe/d -11,200 boe/d (62% crude oil & NGL's). Recent Insider Transactions • May 17
CFO & Corporate Secretary recently sold CA$358k worth of stock On the 15th of May, Gerald Gilewicz sold around 55k shares on-market at roughly CA$6.51 per share. This transaction amounted to 8.9% 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 CA$493k. Gerald has been a net seller over the last 12 months, reducing personal holdings by CA$467k. Reported Earnings • May 11
First quarter 2026 earnings released: CA$0.09 loss per share (vs CA$0.12 profit in 1Q 2025) First quarter 2026 results: CA$0.09 loss per share (down from CA$0.12 profit in 1Q 2025). Revenue: CA$31.5m (down 26% from 1Q 2025). Net loss: CA$5.85m (down 176% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CA$6.23, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 23x in the Oil and Gas industry in Canada. Total returns to shareholders of 6.5% over the past three years. Price Target Changed • Apr 23
Price target increased by 19% to CA$6.19 Up from CA$5.19, the current price target is an average from 4 analysts. New target price is 20% above last closing price of CA$5.17. Stock is up 267% over the past year. The company posted earnings per share of CA$0.39 last year. Price Target Changed • Apr 16
Price target increased by 12% to CA$5.44 Up from CA$4.88, the current price target is an average from 4 analysts. New target price is 7.9% above last closing price of CA$5.04. Stock is up 243% over the past year. The company is forecast to post earnings per share of CA$0.18 for next year compared to CA$0.39 last year. Announcement • Mar 24
Journey Energy Inc., Annual General Meeting, May 27, 2026 Journey Energy Inc., Annual General Meeting, May 27, 2026. Location: alberta, calgary Canada Recent Insider Transactions • Mar 19
Vice President of Exploration recently sold CA$493k worth of stock On the 16th of March, Brett Boklaschuk sold around 100k shares on-market at roughly CA$4.93 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$1.3m more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CA$5.33, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 18x in the Oil and Gas industry in Canada. Total loss to shareholders of 3.1% over the past three years. Announcement • Mar 14
Journey Energy Inc. Provides Operating Guidance for the Year 2026 Journey Energy Inc. provided Operating guidance for the year 2026. For the year, the company expects Annual average daily sales volumes 10,800-11,200 boe/d (61% crude oil & NGL's). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: CA$0.39 (vs CA$0.082 in FY 2024) Full year 2025 results: EPS: CA$0.39 (up from CA$0.082 in FY 2024). Revenue: CA$171.6m (up 3.0% from FY 2024). Net income: CA$25.9m (up 404% from FY 2024). Profit margin: 15% (up from 3.1% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to CA$3.75. The fair value is estimated to be CA$4.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years. Earnings per share has declined by 90%. Price Target Changed • Nov 20
Price target increased by 9.4% to CA$4.35 Up from CA$3.98, the current price target is an average from 4 analysts. New target price is 7.9% above last closing price of CA$4.03. Stock is up 98% over the past year. The company is forecast to post earnings per share of CA$0.28 for next year compared to CA$0.082 last year. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: CA$0.07 (vs CA$0.01 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.07 (up from CA$0.01 in 3Q 2024). Revenue: CA$44.7m (up 10.0% from 3Q 2024). Net income: CA$4.44m (up CA$3.84m from 3Q 2024). Profit margin: 9.9% (up from 1.5% in 3Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to CA$3.85, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Oil and Gas industry in Canada. Total loss to shareholders of 35% over the past three years. Price Target Changed • Oct 22
Price target increased by 10% to CA$3.98 Up from CA$3.60, the current price target is an average from 4 analysts. New target price is 9.5% above last closing price of CA$3.63. Stock is up 56% over the past year. The company is forecast to post earnings per share of CA$0.23 for next year compared to CA$0.082 last year. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$2.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Oil and Gas industry in Canada. Total loss to shareholders of 51% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: CA$0.06 (vs CA$0.038 loss in 2Q 2024) Second quarter 2025 results: EPS: CA$0.06 (up from CA$0.038 loss in 2Q 2024). Revenue: CA$42.6m (up 1.7% from 2Q 2024). Net income: CA$4.07m (up CA$6.39m from 2Q 2024). Profit margin: 9.5% (up from net loss in 2Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Jenna Kaye 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. Price Target Changed • Jul 30
Price target increased by 7.1% to CA$3.23 Up from CA$3.01, the current price target is an average from 4 analysts. New target price is 31% above last closing price of CA$2.46. Stock is down 21% over the past year. The company is forecast to post earnings per share of CA$0.21 for next year compared to CA$0.082 last year. Buy Or Sell Opportunity • Jul 25
Now 21% undervalued Over the last 90 days, the stock has risen 67% to CA$2.37. The fair value is estimated to be CA$2.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 79%. Revenue is forecast to grow by 21% in a year. Earnings are forecast to grow by 36% in the next year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CA$2.27, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Oil and Gas industry in Canada. Total loss to shareholders of 48% over the past three years. Announcement • Jul 08
Journey Energy Inc. Provides Encouraging Results from Its First Three 2025 Duvernay Wells Journey Energy Inc. provided an update on its Duvernay Joint Venture operations, including initial results from the 2025 capital program. Duvernay Joint Venture Operational Update. On May 7, 2024 Journey announced its participation in the 128 section, Spartan Delta Corp. ("S Spartan") operated, Joint Venture in the Duvernay. Journey's current working interest in the Joint Venture is 30%. The Duvernay Joint Venture represents a significant component of Journeys 2025 capital program. As part of this program, 8.0 (2.4 net) wells were drilled and 7.0 (2.1 net) wells have now been completed. In the second quarter of 2025, Spartan completed and brought on-production the following 3 (0.9 net) wells from an eight well pad at 06-04-043-03W5: 12-26-042-03W5 - Spartan completed and brought the well on-stream in May at a lateral length of 3,834 meters (12,579 feet). Initial production results are exceeding internal expectations, averaging 30-day peak sales production of approximately 1,228 Boe/d including 87% liquids (1,028 Bbl/d of light crude oil and 45 Bbl/d of NGLs), with 0.9 MMcf/d of natural gas. 09-27-042-03W 5 - Spartan completed and brought the Well on-stream in May at an lateral length of 3,895 meters (12,779 feet). Initial production results are exceed internal expectations, averaging 30- day peak sales production of approximately 1.315 Boe/d including 86% liquids (1,079 Bbl/d of light oil and 51 Bbl/d of N GLs), with 1.1 MMcf/d of Natural gas. 07-27-042-02W5 - Spartan completed and bring the well on-stream in June at a lateral length of 3.825 meters (12,549 feet). Management will be providing further updates on these wells as data becomes available. The results from the first five wells drilled in the Joint Venture support the superior netback and economic strength of this world class resource while serving to demonstrate the consistent and repeatable nature of the play allowing for a multi-year development plan. Journey currently forecasts a significant expansion in near-term capital for 2026 as the play enters its development phase. Recent Insider Transactions • Jul 06
President recently bought CA$386k worth of stock On the 3rd of July, Alexander Verge bought around 192k shares on-market at roughly CA$2.01 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Alexander has been a buyer over the last 12 months, purchasing a net total of CA$1.2m worth in shares. Price Target Changed • Jun 18
Price target increased by 12% to CA$3.00 Up from CA$2.69, the current price target is an average from 4 analysts. New target price is 35% above last closing price of CA$2.22. Stock is down 25% over the past year. The company is forecast to post earnings per share of CA$0.15 for next year compared to CA$0.082 last year. Recent Insider Transactions • Jun 12
President recently bought CA$176k worth of stock On the 9th of June, Alexander Verge bought around 97k shares on-market at roughly CA$1.82 per share. This transaction amounted to 2.0% 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 CA$266k. Alexander has been a buyer over the last 12 months, purchasing a net total of CA$850k worth in shares. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$2.09, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Oil and Gas industry in Canada. Total loss to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$1.64, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total loss to shareholders of 72% over the past three years. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: CA$0.12 (vs CA$0.053 in 1Q 2024) First quarter 2025 results: EPS: CA$0.12 (up from CA$0.053 in 1Q 2024). Revenue: CA$42.5m (down 3.2% from 1Q 2024). Net income: CA$7.73m (up 138% from 1Q 2024). Profit margin: 18% (up from 7.4% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 20
President recently bought CA$104k worth of stock On the 16th of April, Alexander Verge bought around 75k shares on-market at roughly CA$1.38 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth CA$266k. Alexander has been a buyer over the last 12 months, purchasing a net total of CA$771k worth in shares. Price Target Changed • Apr 10
Price target decreased by 10% to CA$3.25 Down from CA$3.63, the current price target is an average from 4 analysts. New target price is 143% above last closing price of CA$1.34. Stock is down 64% over the past year. The company is forecast to post earnings per share of CA$0.39 for next year compared to CA$0.082 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CA$1.52, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 12x in the Oil and Gas industry in Canada. Total loss to shareholders of 72% over the past three years. Price Target Changed • Apr 04
Price target decreased by 13% to CA$3.31 Down from CA$3.81, the current price target is an average from 4 analysts. New target price is 118% above last closing price of CA$1.52. Stock is down 62% over the past year. The company is forecast to post earnings per share of CA$0.39 for next year compared to CA$0.082 last year. Recent Insider Transactions • Mar 26
President recently bought CA$84k worth of stock On the 24th of March, Alexander Verge bought around 50k shares on-market at roughly CA$1.67 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Alexander has been a buyer over the last 12 months, purchasing a net total of CA$376k worth in shares. Announcement • Mar 18
Journey Energy Inc., Annual General Meeting, May 22, 2025 Journey Energy Inc., Annual General Meeting, May 22, 2025. Location: calgary Canada Price Target Changed • Mar 14
Price target decreased by 11% to CA$3.38 Down from CA$3.81, the current price target is an average from 4 analysts. New target price is 116% above last closing price of CA$1.56. Stock is down 53% over the past year. The company is forecast to post earnings per share of CA$0.39 for next year compared to CA$0.08 last year. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: CA$0.08 (vs CA$0.26 in FY 2023) Full year 2024 results: EPS: CA$0.08 (down from CA$0.26 in FY 2023). Revenue: CA$166.6m (down 11% from FY 2023). Net income: CA$5.14m (down 68% from FY 2023). Profit margin: 3.1% (down from 8.5% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 12
Price target decreased by 9.0% to CA$3.56 Down from CA$3.92, the current price target is an average from 4 analysts. New target price is 130% above last closing price of CA$1.55. Stock is down 52% over the past year. The company is forecast to post earnings per share of CA$0.065 for next year compared to CA$0.26 last year. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CA$1.65, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 11x in the Oil and Gas industry in Canada. Total loss to shareholders of 55% over the past three years. Announcement • Jan 30
Journey Energy Inc. Provides Operating Guidance for 2025 Journey Energy Inc. provided Operating Guidance for 2025. For the period, the company expects 2025 Initial Guidance Annual average daily sales volumes 10,800-11,200 boe/d (58% crude oil & NGL's). Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$2.14, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 11x in the Oil and Gas industry in Canada. Total loss to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CA$1.75, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 10x in the Oil and Gas industry in Canada. Total loss to shareholders of 26% over the past three years. Recent Insider Transactions • Nov 14
Independent Director recently bought CA$82k worth of stock On the 12th of November, Reginald Smith bought around 40k shares on-market at roughly CA$2.06 per share. This transaction amounted to 65% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$662k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.13 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.01 (down from CA$0.13 in 3Q 2023). Revenue: CA$40.6m (down 15% from 3Q 2023). Net income: CA$598.0k (down 92% from 3Q 2023). Profit margin: 1.5% (down from 16% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Nov 03
Price target decreased by 13% to CA$4.00 Down from CA$4.58, the current price target is an average from 3 analysts. New target price is 92% above last closing price of CA$2.08. Stock is down 59% over the past year. The company is forecast to post earnings per share of CA$0.07 for next year compared to CA$0.26 last year. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$136.0m (US$97.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (CA$136.0m market cap, or US$97.8m). Price Target Changed • Oct 03
Price target decreased by 9.5% to CA$4.58 Down from CA$5.06, the current price target is an average from 3 analysts. New target price is 72% above last closing price of CA$2.66. Stock is down 46% over the past year. The company is forecast to post earnings per share of CA$0.12 for next year compared to CA$0.26 last year. New Risk • Sep 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.0m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (CA$135.0m market cap, or US$99.3m). Buy Or Sell Opportunity • Aug 12
Now 23% overvalued Over the last 90 days, the stock has fallen 21% to CA$2.66. The fair value is estimated to be CA$2.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 32%. Price Target Changed • Aug 11
Price target decreased by 7.0% to CA$5.30 Down from CA$5.70, the current price target is an average from 5 analysts. New target price is 118% above last closing price of CA$2.43. Stock is down 58% over the past year. The company is forecast to post earnings per share of CA$0.23 for next year compared to CA$0.26 last year. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: CA$0.04 loss per share (further deteriorated from CA$0.029 loss in 2Q 2023). Revenue: CA$41.9m (down 6.0% from 2Q 2023). Net loss: CA$2.33m (loss widened 31% from 2Q 2023). Revenue missed analyst estimates by 23%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. 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 CA$2.56, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Canada. Total returns to shareholders of 102% over the past three years. Recent Insider Transactions • Jun 30
President recently bought CA$60k worth of stock On the 26th of June, Alexander Verge bought around 20k shares on-market at roughly CA$3.00 per share. This transaction amounted to less than 1% 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 CA$159k. Alexander has been a buyer over the last 12 months, purchasing a net total of CA$186k worth in shares. Price Target Changed • Jun 13
Price target increased by 9.5% to CA$5.75 Up from CA$5.25, the current price target is an average from 4 analysts. New target price is 89% above last closing price of CA$3.04. Stock is down 44% over the past year. The company is forecast to post earnings per share of CA$0.32 for next year compared to CA$0.26 last year. Recent Insider Transactions • May 16
Independent Director recently bought CA$101k worth of stock On the 14th of May, Reginald Smith bought around 30k shares on-market at roughly CA$3.38 per share. This transaction increased Reginald's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth CA$159k. Insiders have collectively bought CA$285k more in shares than they have sold in the last 12 months. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CA$0.05 (vs CA$0.11 in 1Q 2023) First quarter 2024 results: EPS: CA$0.05 (down from CA$0.11 in 1Q 2023). Revenue: CA$43.9m (down 9.3% from 1Q 2023). Net income: CA$3.25m (down 50% from 1Q 2023). Profit margin: 7.4% (down from 13% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 35% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CA$0.27 to CA$0.365. Revenue forecast unchanged at CA$247.6m. Net income forecast to grow 13% next year vs 7.5% growth forecast for Oil and Gas industry in Canada. Consensus price target of CA$5.25 unchanged from last update. Share price rose 4.8% to CA$3.74 over the past week. Recent Insider Transactions • Apr 07
Independent Chairman recently bought CA$159k worth of stock On the 2nd of April, Craig Hansen bought around 50k shares on-market at roughly CA$3.17 per share. This transaction amounted to 21% 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 Craig's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$3.63, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total returns to shareholders of 378% over the past three years. Major Estimate Revision • Apr 02
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CA$0.22 to CA$0.27. Revenue forecast unchanged at CA$247.6m. Net income forecast to grow 13% next year vs 8.9% growth forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$5.10. Share price rose 3.9% to CA$3.20 over the past week. Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 34% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CA$0.333 to CA$0.22. Revenue forecast unchanged from CA$247.6m at last update. Net income forecast to shrink 8.3% next year vs 7.1% growth forecast for Oil and Gas industry in Canada . Consensus price target down from CA$5.40 to CA$5.05. Share price fell 3.6% to CA$3.18 over the past week. Announcement • Mar 19
Journey Energy Inc., Annual General Meeting, May 23, 2024 Journey Energy Inc., Annual General Meeting, May 23, 2024. Price Target Changed • Mar 15
Price target decreased by 9.1% to CA$5.00 Down from CA$5.50, the current price target is an average from 5 analysts. New target price is 48% above last closing price of CA$3.37. Stock is down 38% over the past year. The company is forecast to post earnings per share of CA$0.33 for next year compared to CA$0.26 last year. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: CA$0.26 (vs CA$2.95 in FY 2022) Full year 2023 results: EPS: CA$0.26 (down from CA$2.95 in FY 2022). Revenue: CA$186.9m (down 6.5% from FY 2022). Net income: CA$15.8m (down 90% from FY 2022). Profit margin: 8.5% (down from 78% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 43% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 29
Price target decreased by 8.3% to CA$5.55 Down from CA$6.05, the current price target is an average from 5 analysts. New target price is 44% above last closing price of CA$3.85. Stock is down 23% over the past year. The company is forecast to post earnings per share of CA$0.26 for next year compared to CA$2.95 last year. Major Estimate Revision • Dec 24
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CA$0.29 to CA$0.26. Revenue forecast unchanged from CA$221.1m at last update. Net income forecast to shrink 80% next year vs 1.3% decline forecast for Oil and Gas industry in Canada. Consensus price target down from CA$6.60 to CA$6.30. Share price rose 6.2% to CA$3.92 over the past week. Announcement • Dec 22
Journey Energy Inc. Provides Operating Guidance for the Year 2024 Journey Energy Inc. provided operating guidance for the year 2024. For the year, the company expects Annual average daily sales volumes in the range of 11,500–12,000 boe/d (55%crude oil & NGL's). Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: CA$0.13 (down from CA$0.29 in 3Q 2022). Revenue: CA$47.8m (up 3.2% from 3Q 2022). Net income: CA$7.71m (down 50% from 3Q 2022). Profit margin: 16% (down from 33% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 4.8%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 179% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Oct 17
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CA$0.347 to CA$0.307. Revenue forecast unchanged from CA$221.1m at last update. Net income forecast to shrink 76% next year vs 8.5% decline forecast for Oil and Gas industry in Canada. Consensus price target of CA$6.98 unchanged from last update. Share price fell 3.5% to CA$5.24 over the past week. New Risk • Aug 09
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: 60% Last year net profit margin: 86% 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: Major Risks Earnings are forecast to decline by an average of 77% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (60% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding).