Pieridae Energy (TSE:CVVY)
TSX:CVVY
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Pieridae Energy
(TSX:CVVY)
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Rating:58Neutral
Price Target:
C$1.50
▲(111.27% Upside)
Action:ReiteratedDate:03/24/26
The score is driven by strong technical momentum (price above key moving averages with positive MACD) but held back by weak and volatile profitability (losses and pressured margins) and an unattractive earnings-based valuation signaled by a negative P/E. Improved 2025 operating and free cash flow provides partial support.
Positive Factors
Improved Cash Generation
Rebounding operating cash flow and a return to positive free cash flow in 2025 materially improve internal funding capacity. That strengthens the company's ability to fund maintenance and selective CAPEX, reduce leverage, and absorb commodity shocks—bolstering liquidity and operational resilience over the medium term.
Negative Factors
Weakened Profitability and Margins
The swing to losses and sharply deteriorated margins in 2024–2025 indicates persistent difficulty converting revenue into earnings. Over the medium term this limits retained earnings, constrains reinvestment capacity, and increases reliance on external financing or asset discipline to restore sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Cash Generation
Rebounding operating cash flow and a return to positive free cash flow in 2025 materially improve internal funding capacity. That strengthens the company's ability to fund maintenance and selective CAPEX, reduce leverage, and absorb commodity shocks—bolstering liquidity and operational resilience over the medium term.
Read all positive factors
Pieridae Energy (CVVY) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$383.73M
Dividend YieldN/A
Average Volume (3M)153.44K
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth-15.50%
EPS Growth-58.23%
CountryCA
Employees262
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.00
Shares Outstanding290,701,260
10 Day Avg. Volume141,116
30 Day Avg. Volume153,436
Financial Highlights & Ratios
PEG Ratio0.59
Price to Book (P/B)1.91
Price to Sales (P/S)1.21
P/FCF Ratio20.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)C$352.60M
Pieridae Energy Business Overview & Revenue Model
Company Description
Cavvy Energy Ltd. operates as an integrated midstream and upstream energy company in Canada. It develops, produces, and processes natural gas, natural gas liquids, condensate, and sulphur. The company was formerly known as Pieridae Energy Limited ...
How the Company Makes Money
Pieridae Energy makes money primarily by producing hydrocarbons (natural gas and NGLs) from its upstream assets and selling those volumes to market. Revenue is largely driven by (1) production volumes sold and (2) realized commodity prices, which ...
Pieridae Energy Earnings Call Summary
Earnings Call Date:Mar 20, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a balanced outlook. While the company achieved significant milestones like debt repayment and equity raising, it faced challenges such as production shut-ins and operating cost pressures. The anticipation of future sulphur revenue growth and strong hedge gains provide optimism for the future.Positive Updates
Goldboro Sale and Debt Repayment
The sale of the Canadian East Coast LNG facility in Nova Scotia helped Pieridae Energy fully repay the remaining $20 million principal amount on the bridge loan, decreasing debt servicing costs and simplifying business operations.
Negative Updates
Natural Gas Production Shut-ins
Due to low natural gas prices, the company shut in a large portion of dry natural gas production tied to third-party facilities, impacting full-year and fourth-quarter results.
Read all updates
Q4-2024 Updates
Positive
Negative
Goldboro Sale and Debt Repayment
The sale of the Canadian East Coast LNG facility in Nova Scotia helped Pieridae Energy fully repay the remaining $20 million principal amount on the bridge loan, decreasing debt servicing costs and simplifying business operations.
Read all positive updates
Company Guidance
During the Pieridae Energy Q4 and Full Year 2024 Financial Results Conference Call, the company provided extensive guidance on their strategic milestones and financial performance. Key achievements in 2024 included the completion of the Goldboro sale, which allowed Pieridae to fully repay a $20 million bridge loan, and a $33.5 million equity raise directed towards debt reduction and high-return optimization projects. The company also completed Phase 2 of the Waterton gas plant maintenance turnaround. Despite persistent low natural gas prices, Pieridae's financial hedge position yielded a full-year hedge gain of $74 million, contributing to a net operating income of $65 million for 2024. Their production averaged 27,800 BOE per day for the year, although Q4 production was lower at 22,600 BOE per day due to strategic shut-ins. Additionally, the company reported capital expenditures of $26 million for the year, primarily aimed at facility optimizations. With a PDP net asset value of $312 million and a 2P NAV of $941 million, the shares are considered undervalued compared to their net asset value. Looking to the future, Pieridae plans to capitalize on the expiration of a fixed-price sulphur contract in 2025, potentially generating significant additional cash flow given current sulphur market prices.Pieridae Energy Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 217.91M | 222.77M | 368.14M | 443.58M | 321.81M |
| Gross Profit | -9.63M | 141.54M | 60.98M | 143.54M | 79.33M |
| EBITDA | -1.66M | 36.87M | 103.96M | 176.49M | 52.96M |
| Net Income | -4.87M | -38.91M | 8.98M | 146.58M | -39.68M |
Balance Sheet | |||||
| Total Assets | 569.39M | 612.42M | 638.54M | 615.48M | 622.54M |
| Cash, Cash Equivalents and Short-Term Investments | 5.80M | 8.58M | 18.33M | 22.27M | 26.22M |
| Total Debt | 155.35M | 172.51M | 175.73M | 206.94M | 234.31M |
| Total Liabilities | 430.85M | 444.00M | 464.13M | 500.72M | 655.75M |
| Stockholders Equity | 138.55M | 168.43M | 174.75M | 115.10M | -32.83M |
Cash Flow | |||||
| Free Cash Flow | 13.12M | -18.57M | 48.66M | 48.64M | 16.20M |
| Operating Cash Flow | 36.45M | 7.13M | 104.20M | 88.17M | 51.12M |
| Investing Cash Flow | -22.39M | -18.15M | -58.90M | -28.86M | -33.51M |
| Financing Cash Flow | -16.84M | 1.26M | -49.25M | -63.10M | -2.80M |
Pieridae Energy Technical Analysis
Positive
0.71
Price Trends
1.06
Positive
0.98
Positive
0.80
Positive
Market Momentum
0.08
Positive
60.50
Neutral
54.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CVVY, the sentiment is Positive. The current price of 0.71 is below the 20-day moving average (MA) of 1.26, below the 50-day MA of 1.06, and below the 200-day MA of 0.80, indicating a bullish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 60.50 is Neutral, neither overbought nor oversold. The STOCH value of 54.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CVVY.
Pieridae Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | C$337.57M | 8.36 | 24.98% | 8.44% | 2.20% | 38.33% | |
71 Outperform | C$327.60M | 6.88 | 9.87% | ― | 74.76% | 7.44% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | C$294.80M | 22.63 | 3.44% | 6.19% | -8.58% | -98.92% | |
58 Neutral | C$383.73M | -54.27 | -3.42% | ― | -15.50% | -58.23% | |
54 Neutral | C$415.93M | -45.30 | -6.58% | ― | ― | -5.88% | |
44 Neutral | C$388.82M | -8.74 | -81.43% | ― | 5.13% | 61.58% |
* Energy Sector Average
TSE:CVVY
Pieridae Energy
1.32
1.04
371.43%
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9.19
4.95
116.85%
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1.45
0.64
79.01%
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2.01
0.92
83.90%
TSE:FO
Falcon Oil & Gas
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275.00%
TSE:RBY
Rubellite Energy Inc
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113.41%
Pieridae Energy Corporate Events
Business Operations and StrategyFinancial Disclosures
Cavvy Energy Boosts Reserve Value and Cuts Debt on Processing Growth
Positive
Mar 19, 2026
Cavvy Energy reported 2025 production of 23,904 boe/d, 80% natural gas, and net operating income of $110.5 million, supported by strong growth in third-party gas processing revenues and cost reductions. Despite lower output due to voluntary gas sh...
Business Operations and StrategyPrivate Placements and Financing
Cavvy Energy Raises $3.5 Million Through Warrant Exercise to Repay Debt
Positive
Mar 12, 2026
Cavvy Energy Ltd. has announced that 2652862 Alberta Ltd., an affiliate of Erikson National Energy Inc., has exercised common share purchase warrants originally issued in 2019 as part of a debt financing. The warrants were exercised at $0.6836 per...
Business Operations and StrategyFinancial Disclosures
Cavvy Energy Sets March Date for 2025 Results and Investor Call
Neutral
Feb 3, 2026
Cavvy Energy Ltd. announced it will release its fourth-quarter and full-year 2025 financial and operating results on March 18, 2026, after market close, followed by an investor conference call and webcast on March 19 led by President CEO Darcy Re...
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.