22:04:56 EDT Fri 30 Sep 2022
Enter Symbol
or Name
USA
CA



Energy Summary for Aug. 12, 2022

2022-08-12 20:20 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $2.25 to $92.09 on the New York Merc, while Brent for October added $1.45 to $98.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.66 to WTI, up from a discount of $19.67. Natural gas for September lost 10 cents to $8.77. The TSX energy index added 1.97 points to close at 233.31.

Earnings season in the oil patch is drawing to a close, but investors still had plenty of numbers to sift through today. Vermilion Energy Inc. (VET) lost 96 cents to $32.52 on 3.39 million shares, despite trying to impress investors with its second quarter financials and a dividend hike. It trumpeted a net profit of $368-million and boosted its quarterly dividend to eight cents from six cents, for a yield of 1.0 per cent. Production of 84,900 barrels a day and cash flow of $2.68 a share were both in line with analysts' predictions.

Investors frowned. A 33-per-cent dividend hike might typically spark more cheering, but in Vermilion's case, the 1-per-cent yield pales next to several of the companies that it considers to be its main competitors (or "peers," as its website prefers to call them). These include Whitecap Resources Inc. (WCP: $9.26), Crescent Point Energy Corp. (CPG: $9.80), Peyto Exploration & Development Corp. (PEY: $13.19) and Paramount Resources Ltd. (POU: $28.84), whose average yield is four times higher (Crescent Point has the lowest at 3.3 per cent and Whitecap the highest at 4.8 per cent).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2022 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.