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Tenaz Energy Corp
(TSX:TNZ)
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Rating:62Neutral
Price Target:
C$77.00
▲(23.66% Upside)
Action:Reiterated
Date:09/10/26
The score is held back primarily by weaker cash flow quality (near-breakeven free cash flow versus high reported earnings) and a more levered balance sheet (debt-to-equity ~1.0), despite improving TTM revenue and solid reported margins. Technicals are strong with price above major moving averages and positive MACD, but overbought momentum signals (RSI/Stoch) add near-term risk. Valuation appears moderate with a P/E of 19.275.
Positive Factors
Improving revenue and margins
The combination of stronger trailing revenue and solid gross and net margins indicates improving commercial performance and operating scale. If maintained, this earnings base can support reinvestment in producing assets, development activity, and acquisitions over the next several quarters.
Negative Factors
Rising leverage
Debt has risen to roughly match equity, materially increasing financial risk compared with 2025 and earlier periods. Greater leverage can make earnings and capital allocation more sensitive to commodity-price swings, while reducing flexibility to fund development or acquisitions during weaker conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving revenue and margins
The combination of stronger trailing revenue and solid gross and net margins indicates improving commercial performance and operating scale. If maintained, this earnings base can support reinvestment in producing assets, development activity, and acquisitions over the next several quarters.
Read all positive factors
Tenaz Energy Corp (TNZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.38B
Dividend YieldN/A
Average Volume (3M)159.54K
Price to Earnings (P/E)19.4
Beta (1Y)-0.22
Revenue Growth380.56%
EPS Growth-39.41%
CountryCA
Employees304
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)3.77
Shares Outstanding32,209,000
10 Day Avg. Volume221,957
30 Day Avg. Volume159,536
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.71
Price to Sales (P/S)2.63
P/FCF Ratio15.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$80.33Price Target Upside29.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.96
Revenue Forecast (FY)C$806.63M
Tenaz Energy Corp Business Overview & Revenue Model
Company Description
Tenaz Energy Corp., an energy company, engages in the acquisition and development of oil and gas assets in Canada and the Netherlands. The company operates natural gas assets in the Dutch sector of the North Sea. It also develops crude oil and nat...
How the Company Makes Money
Tenaz Energy primarily makes money by producing and selling crude oil, natural gas, and associated natural gas liquids (NGLs) from its upstream (exploration and production) assets. Revenue is generated when produced volumes are sold to third-party...
Tenaz Energy Corp Earnings Call Summary
Earnings Call Date:May 09, 2024
(Q1-2024)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of strategic achievements and operational challenges. While there were declines in production and funds flow, the company's share buyback program, strategic acquisition, and strong hedging strategy highlight positive growth and future potential.Positive Updates
Successful Share Buyback Program
Retired a total of 2 million shares at an average cost of $2.77 since the NCIB began, with 200,000 shares retired in Q1 2024 at $3.67 per share.
Negative Updates
Decline in Production Volumes
Production volumes decreased to approximately 2,900 boe/d due to natural declines in Canadian wells and planned/unplanned downtime in the Netherlands.
Read all updates
Q1-2024 Updates
Positive
Negative
Successful Share Buyback Program
Retired a total of 2 million shares at an average cost of $2.77 since the NCIB began, with 200,000 shares retired in Q1 2024 at $3.67 per share.
Read all positive updates
Company Guidance
In the Q1 2024 earnings call for Tenaz Energy, CEO Anthony Marino reported production volumes of approximately 2,900 boe/d, slightly lower than Q4 2023 due to natural declines and reduced output from Canadian wells. The company recorded a funds flow from operations (FFO) of $7 million, with a free cash flow of $3.2 million after a capital expenditure of $3.8 million. Tenaz maintained a positive adjusted working capital of $49 million, facilitated by their share buyback program, which retired 200,000 shares at an average cost of $3.67 per share. A significant development was the acquisition of a gas processing plant and surrounding leasehold in Leduc-Woodbend for a net cost of $2.8 million, aimed at enhancing processing flexibility and potential third-party partnerships. The plant, with a current capacity of 7.5 million cubic feet per day, holds potential for expansion, which could increase capacity to 12 million cubic feet per day with minimal investment. Marino reaffirmed the 2024 production guidance of 2,700 to 2,900 boe/d and CapEx guidance of CAD 23 million to CAD 25 million, emphasizing ongoing M&A efforts in targeted international regions for higher return opportunities.Tenaz Energy Corp Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 499.14M | 284.13M | 63.00M | 64.85M | 34.09M | 17.83M |
| Gross Profit | 148.96M | 29.61M | 36.85M | 39.23M | 21.71M | 11.09M |
| EBITDA | 86.09M | 398.72M | 4.28M | 25.37M | 12.67M | 13.49M |
| Net Income | 110.27M | 315.61M | -7.71M | 26.55M | 5.24M | 8.34M |
Balance Sheet | ||||||
| Total Assets | 2.71B | 2.53B | 390.83M | 238.72M | 203.90M | 75.40M |
| Cash, Cash Equivalents and Short-Term Investments | 136.65M | 103.55M | 139.91M | 50.30M | 1.83M | 25.47M |
| Total Debt | 417.43M | 341.27M | 138.54M | 244.00K | 21.61M | 167.00K |
| Total Liabilities | 2.29B | 2.09B | 298.70M | 142.36M | 132.53M | 10.09M |
| Stockholders Equity | 416.77M | 438.09M | 92.13M | 96.35M | 71.37M | 65.31M |
Cash Flow | ||||||
| Free Cash Flow | 2.97M | 48.60M | -14.51M | -9.68M | -7.75M | -6.45M |
| Operating Cash Flow | 181.99M | 115.85M | 6.24M | 15.18M | 9.35M | 3.94M |
| Investing Cash Flow | -516.54M | -368.93M | -54.12M | 58.20M | -53.89M | -4.24M |
| Financing Cash Flow | 238.63M | 170.00M | 137.85M | -25.36M | 20.91M | 25.76M |
Tenaz Energy Corp Technical Analysis
Positive
62.27
Price Trends
57.06
Positive
56.16
Positive
48.96
Positive
Market Momentum
4.25
Negative
79.74
Negative
88.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TNZ, the sentiment is Positive. The current price of 62.27 is below the 20-day moving average (MA) of 63.91, above the 50-day MA of 57.06, and above the 200-day MA of 48.96, indicating a bullish trend. The MACD of 4.25 indicates Negative momentum. The RSI at 79.74 is Negative, neither overbought nor oversold. The STOCH value of 88.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TNZ.
Tenaz Energy Corp Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$1.26B | 3.34 | 15.03% | ― | 5.74% | -75.93% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | C$801.45M | 19.64 | 11.28% | ― | 64.45% | 45.67% | |
62 Neutral | C$2.38B | 19.38 | 29.50% | ― | 380.56% | -39.41% | |
61 Neutral | C$1.20B | 59.88 | 1.39% | 25.00% | -21.66% | ― | |
61 Neutral | C$1.21B | 27.57 | 6.18% | 4.28% | 2.63% | -18.64% |
* Energy Sector Average
TSE:TNZ
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236.93%
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Tenaz Energy Corp Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Tenaz Energy boosts European gas output and profits in Q2 2026
Positive
Aug 6, 2026
Tenaz Energy reported that second-quarter 2026 production averaged 17,125 boe/d, up 6% from the prior quarter and more than double the level a year earlier, driven by organic growth and 2025 acquisitions, despite major maintenance turnarounds in t...
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.