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Spartan Delta
(TSX:SDE)
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Rating:57Neutral
Price Target:
C$13.50
▲(4.81% Upside)
Action:Reiterated
Date:08/01/26
The score is anchored by decent financial performance—strong recent revenue growth and a conservative balance sheet—but is held back by negative recent free cash flow and weaker cash conversion. Technicals are only moderately supportive (above short-term averages but below the 100-day), and valuation is a notable headwind given the high P/E with no dividend yield provided.
Positive Factors
Revenue Growth
Strong recent top-line growth indicates improving production, pricing, or market demand. Sustained revenue expansion can support operating leverage and strengthen Spartan Delta’s ability to fund development across the next several quarters.
Negative Factors
Negative Free Cash Flow
Negative free cash flow indicates that capital spending and reinvestment currently exceed operating cash generation. If this persists, the company may need to draw on liquidity, raise financing, or reduce development activity, limiting financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Strong recent top-line growth indicates improving production, pricing, or market demand. Sustained revenue expansion can support operating leverage and strengthen Spartan Delta’s ability to fund development across the next several quarters.
Read all positive factors
Spartan Delta (SDE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.67B
Dividend Yield217.2%
Average Volume (3M)539.57K
Price to Earnings (P/E)38.4
Beta (1Y)0.33
Revenue Growth76.79%
EPS Growth82.39%
CountryCA
Employees107
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.34
Shares Outstanding205,177,000
10 Day Avg. Volume644,103
30 Day Avg. Volume539,572
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)2.21
Price to Sales (P/S)3.88
P/FCF Ratio-14.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$15.75Price Target Upside22.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.56
Revenue Forecast (FY)C$731.50M
Spartan Delta Business Overview & Revenue Model
Company Description
Spartan Delta Corp. engages in the exploration, development, and production of crude oil and natural gas properties in Western Canada. Its assets are in Duvernay and Deep Basin in Canada. The company was formerly known as Return Energy Inc. and ch...
Spartan Delta Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 511.55M | 369.97M | 307.26M | 662.36M | 1.48B | 618.84M |
| Gross Profit | 214.67M | 82.27M | 158.47M | 317.78M | 1.10B | 449.31M |
| EBITDA | 338.74M | 248.98M | 165.87M | 939.96M | 953.50M | 475.32M |
| Net Income | 70.45M | 70.02M | 34.28M | 663.11M | 681.09M | 334.22M |
Balance Sheet | ||||||
| Total Assets | 1.41B | 1.17B | 933.14M | 819.52M | 2.10B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 27.82M | 151.12M | 924.00K | 406.00K | 124.40M | 1.25M |
| Total Debt | 221.97M | 179.05M | 146.75M | 79.71M | 190.68M | 442.36M |
| Total Liabilities | 678.09M | 524.68M | 461.72M | 389.81M | 582.65M | 855.76M |
| Stockholders Equity | 729.81M | 648.63M | 471.43M | 429.72M | 1.52B | 886.65M |
Cash Flow | ||||||
| Free Cash Flow | -112.68M | -96.47M | 12.18M | 180.62M | 354.75M | -333.18M |
| Operating Cash Flow | 322.43M | 220.41M | 174.08M | 475.67M | 795.37M | 279.77M |
| Investing Cash Flow | -453.75M | -343.34M | -240.53M | 1.32B | -442.30M | -925.71M |
| Financing Cash Flow | 131.89M | 122.31M | 66.95M | -1.92B | -230.14M | 644.46M |
Spartan Delta Technical Analysis
Positive
12.88
Price Trends
12.06
Positive
12.25
Positive
10.82
Positive
Market Momentum
0.38
Positive
53.98
Neutral
57.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SDE, the sentiment is Positive. The current price of 12.88 is below the 20-day moving average (MA) of 12.90, above the 50-day MA of 12.06, and above the 200-day MA of 10.82, indicating a bullish trend. The MACD of 0.38 indicates Positive momentum. The RSI at 53.98 is Neutral, neither overbought nor oversold. The STOCH value of 57.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SDE.
Spartan Delta Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$3.38B | 18.23 | 24.24% | 3.16% | 12.71% | 0.77% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | C$1.85B | 21.79 | 4.91% | 17.95% | 6.20% | 55.63% | |
62 Neutral | C$1.78B | 18.89 | 4.22% | 1.85% | 10.48% | 23.40% | |
62 Neutral | C$2.09B | 34.02 | 6.96% | 6.05% | 17.51% | -35.86% | |
60 Neutral | C$2.08B | 36.47 | 4.95% | ― | 30.30% | -24.69% | |
57 Neutral | C$2.67B | 38.40 | 10.71% | 217.20% | 76.79% | 82.39% |
* Energy Sector Average
TSE:SDE
Spartan Delta
13.01
8.19
169.92%
TSE:AAV
Advantage Energy
11.06
-0.27
-2.38%
TSE:BIR
Birchcliff Energy
6.50
0.42
6.91%
TSE:HWX
Headwater Exploration
14.22
7.87
123.87%
TSE:KEL
Kelt Exploration
10.27
3.69
56.08%
TSE:CJ
Cardinal Energy
11.90
5.17
76.72%
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.