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Topaz Energy Corp ( (TSE:TPZ) ) has provided an update.
Topaz Energy Corp and Tourmaline Oil Corp have announced the closing of a $230 million secondary offering of Topaz’s common shares. The offering, which was made on a bought deal basis, involved the sale of 9.2 million shares by Tourmaline, reducing its equity position in Topaz as part of a long-term strategy. This move is expected to enhance Topaz’s trading liquidity and align with its structural objectives, although Topaz will not receive any proceeds from the sale.
The most recent analyst rating on (TSE:TPZ) stock is a Hold with a C$27.00 price target. To see the full list of analyst forecasts on Topaz Energy Corp stock, see the TSE:TPZ Stock Forecast page.
Spark’s Take on TSE:TPZ Stock
According to Spark, TipRanks’ AI Analyst, TSE:TPZ is a Neutral.
Topaz Energy Corp’s overall stock score is driven by strong earnings call results and a solid financial position, despite challenges in revenue growth and valuation concerns. The company’s ability to maintain profitability and financial flexibility is a positive sign, but caution is advised due to technical indicators and high P/E ratio.
To see Spark’s full report on TSE:TPZ stock, click here.
More about Topaz Energy Corp
Topaz Energy Corp is a unique royalty and infrastructure energy company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders. It leverages strategic relationships with Canada’s largest natural gas producer, Tourmaline Oil Corp, and other high-quality energy companies to execute complementary acquisitions. Topaz focuses on top-quartile energy resources and assets to generate sustainable long-term growth and profitability. Its common shares are listed on the TSX under the symbol ‘TPZ’ and are included in the S&P/TSX Composite Index.
Average Trading Volume: 354,841
Technical Sentiment Signal: Buy
Current Market Cap: C$3.81B
Learn more about TPZ stock on TipRanks’ Stock Analysis page.