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Kelt Exploration
(TSX:KEL)
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Rating:60Neutral
Price Target:
C$12.50
▲(20.54% Upside)
Action:Reiterated
Date:08/10/26
The score is primarily supported by a conservative balance sheet and improving TTM revenue, but is held back by persistent negative free cash flow and weaker profitability versus prior-cycle levels. Technical indicators are broadly neutral, while valuation is a meaningful headwind due to the elevated P/E and lack of a stated dividend yield.
Positive Factors
Revenue rebound
The return to revenue growth indicates renewed operating momentum after weaker prior periods. If sustained, higher sales can improve fixed-cost absorption, support development activity, and strengthen the company’s ability to grow production and reserves over the next several quarters.
Negative Factors
Persistent negative free cash flow
Repeated negative free cash flow means operating inflows are being absorbed by capital spending rather than consistently converted into discretionary surplus. This reduces financial flexibility and makes ongoing growth more dependent on disciplined investment and balance-sheet capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The return to revenue growth indicates renewed operating momentum after weaker prior periods. If sustained, higher sales can improve fixed-cost absorption, support development activity, and strengthen the company’s ability to grow production and reserves over the next several quarters.
Read all positive factors
Kelt Exploration (KEL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.40B
Dividend YieldN/A
Average Volume (3M)812.65K
Price to Earnings (P/E)41.9
Beta (1Y)0.21
Revenue Growth30.30%
EPS Growth-24.69%
CountryCA
Employees85
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.28
Shares Outstanding203,222,400
10 Day Avg. Volume997,263
30 Day Avg. Volume812,654
Financial Highlights & Ratios
PEG Ratio0.61
Price to Book (P/B)1.34
Price to Sales (P/S)3.27
P/FCF Ratio-31.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$13.17Price Target Upside26.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.65
Revenue Forecast (FY)C$822.63M
Kelt Exploration Business Overview & Revenue Model
Company Description
Kelt Exploration Ltd. operates as an energy company, concentrating its efforts on the discovery, development, and extraction of crude oil and natural gas reserves. Its primary operational areas are situated in Canada, specifically in northwestern ...
How the Company Makes Money
Kelt Exploration makes money by producing and selling hydrocarbons—primarily natural gas and crude oil (and related natural gas liquids, if produced)—from its operated and non-operated wells. Revenue is generated when produced volumes are sold to ...
Kelt Exploration Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 589.70M | 466.99M | 468.43M | 436.41M | 613.36M | 316.76M |
| Gross Profit | 133.48M | 71.85M | 134.48M | 141.51M | 308.60M | 121.85M |
| EBITDA | 289.65M | 278.89M | 211.41M | 244.48M | 327.84M | 229.39M |
| Net Income | 56.98M | 63.06M | 45.42M | 85.97M | 158.76M | 114.26M |
Balance Sheet | ||||||
| Total Assets | 1.75B | 1.60B | 1.45B | 1.26B | 1.13B | 913.50M |
| Cash, Cash Equivalents and Short-Term Investments | 2.53M | 90.00K | 228.00K | 14.34M | 125.00K | 719.00K |
| Total Debt | 187.94M | 180.88M | 111.07M | 1.46M | 12.35M | 2.16M |
| Total Liabilities | 556.53M | 460.88M | 387.68M | 256.63M | 226.68M | 190.77M |
| Stockholders Equity | 1.20B | 1.14B | 1.06B | 1.00B | 901.42M | 722.72M |
Cash Flow | ||||||
| Free Cash Flow | -72.94M | -49.15M | -124.00M | 630.00K | -11.56M | -62.65M |
| Operating Cash Flow | 311.24M | 264.26M | 209.15M | 283.22M | 306.02M | 159.71M |
| Investing Cash Flow | -355.84M | -340.57M | -336.57M | -265.49M | -328.94M | -191.54M |
| Financing Cash Flow | 47.06M | 76.18M | 113.31M | -3.52M | 22.33M | 973.00K |
Kelt Exploration Technical Analysis
Positive
10.37
Price Trends
10.80
Positive
10.12
Positive
9.50
Positive
Market Momentum
0.33
Negative
62.60
Neutral
79.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:KEL, the sentiment is Positive. The current price of 10.37 is below the 20-day moving average (MA) of 11.21, below the 50-day MA of 10.80, and above the 200-day MA of 9.50, indicating a bullish trend. The MACD of 0.33 indicates Negative momentum. The RSI at 62.60 is Neutral, neither overbought nor oversold. The STOCH value of 79.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:KEL.
Kelt Exploration Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$2.74B | 3.48 | 27.68% | 5.40% | 13.63% | 361.28% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | C$1.80B | 21.24 | 4.91% | 17.95% | 6.20% | 55.63% | |
62 Neutral | C$2.92B | -6.45 | -19.54% | 2.80% | -2.21% | -142.44% | |
62 Neutral | C$2.35B | 38.16 | 6.96% | 5.47% | 17.51% | -35.86% | |
60 Neutral | C$2.40B | 41.87 | 4.95% | ― | 30.30% | -24.69% | |
57 Neutral | C$2.94B | 42.24 | 10.71% | 217.20% | 76.79% | 82.39% |
* Energy Sector Average
TSE:KEL
Kelt Exploration
11.79
5.46
86.26%
TSE:AAV
Advantage Energy
10.78
-0.09
-0.83%
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19.10
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90.66%
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28.51
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70.62%
TSE:CJ
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80.31%
TSE:SDE
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Kelt Exploration Corporate Events
Business Operations and StrategyFinancial Disclosures
Kelt Exploration Posts Record Output and Strong Profit Gains in Q2 2026
Positive
Aug 6, 2026
Kelt Exploration reported record average production of 50,388 barrels of oil equivalent per day in the second quarter of 2026, a 30% increase from a year earlier, with a product mix of 39% oil and NGLs and 61% gas. The company expanded its land po...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.