Topaz Energy (TSE:TPZ) Sets New 12-Month High Following Dividend Announcement

Topaz Energy Corp. (TSE:TPZ)’s share price reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as C$27.79 and last traded at C$27.69, with a volume of 83834 shares trading hands. The stock had previously closed at C$27.02.

The newly announced dividend which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.69%. The ex-dividend date is Friday, December 13th. Topaz Energy’s payout ratio is 356.76%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TPZ shares. Canaccord Genuity Group raised their price objective on Topaz Energy from C$29.50 to C$31.00 in a research report on Wednesday, October 23rd. Scotiabank lifted their price objective on shares of Topaz Energy from C$34.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Raymond James set a C$34.00 target price on shares of Topaz Energy and gave the company an “outperform” rating in a research report on Tuesday, October 29th. CIBC lifted their price target on shares of Topaz Energy from C$30.00 to C$31.00 in a report on Wednesday, October 23rd. Finally, Desjardins increased their price objective on Topaz Energy from C$30.00 to C$31.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$31.13.

Topaz Energy Stock Up 0.7 %

The company has a debt-to-equity ratio of 37.52, a current ratio of 2.12 and a quick ratio of 7.17. The business’s 50 day moving average price is C$26.35 and its 200 day moving average price is C$24.75. The firm has a market cap of C$4.08 billion, a PE ratio of 75.51 and a beta of 0.50.

About Topaz Energy

Topaz Energy Corp. operates as a royalty and energy infrastructure company in Canada. It operates in two segments, the Royalty Assets and the Infrastructure Assets. The company holds royalty interests on approximately 6 million gross acres of developed and undeveloped lands. It also involved in the natural gas processing and water management infrastructure activities.