Spartan Delta (TSE:SDE)
TSX:SDE
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Spartan Delta
(TSX:SDE)
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Rating:62Neutral
Price Target:
C$13.50
▲(18.63% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by solid current profitability and a manageable balance sheet, offset by weak free cash flow and historical earnings volatility that raise durability concerns. Technicals are supportive with an uptrend and positive MACD, while valuation is a headwind due to a negative P/E and no dividend yield data.
Positive Factors
Manageable leverage
A debt-to-equity near 0.40 indicates a moderate capital structure for a cyclical E&P. This level of leverage improves financial flexibility, lowers near-term default risk, and preserves capacity to fund capex or absorb commodity shocks over the coming months.
Negative Factors
Material negative free cash flow
Negative FCF of roughly -$122M implies the company’s capex or investing needs exceed internal cash generation, forcing reliance on external financing or asset sales. Over several months this can constrain strategic flexibility and raise refinancing risk if conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage
A debt-to-equity near 0.40 indicates a moderate capital structure for a cyclical E&P. This level of leverage improves financial flexibility, lowers near-term default risk, and preserves capacity to fund capex or absorb commodity shocks over the coming months.
Read all positive factors
Spartan Delta (SDE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.82B
Dividend YieldN/A
Average Volume (3M)481.56K
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth54.45%
EPS Growth189.64%
CountryCA
Employees121
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.31
Shares Outstanding200,514,000
10 Day Avg. Volume420,519
30 Day Avg. Volume481,563
Financial Highlights & Ratios
PEG Ratio0.27
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$14.29Price Target Upside25.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.64
Revenue Forecast (FY)C$664.60M
Spartan Delta Business Overview & Revenue Model
Company Description
Spartan Delta Corp. engages in the exploration, development, and production of petroleum and natural gas properties in the Western Canada. It also owns and operates oil and gas properties in Alberta, Saskatchewan, and British Columbia. As of Decem...
How the Company Makes Money
null...
Spartan Delta Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
74
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 435.29M | 369.97M | 307.26M | 662.36M | 1.48B | 618.84M |
| Gross Profit | 138.59M | 82.27M | 158.47M | 317.78M | 1.10B | 449.31M |
| EBITDA | 290.43M | 200.98M | 165.87M | 939.96M | 953.50M | 475.32M |
| Net Income | 61.55M | 70.02M | 34.28M | 663.11M | 681.09M | 334.22M |
Balance Sheet | ||||||
| Total Assets | 1.35B | 1.17B | 933.14M | 819.52M | 2.10B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 151.15M | 151.12M | 924.00K | 406.00K | 124.40M | 1.25M |
| Total Debt | 257.01M | 188.27M | 146.75M | 79.71M | 190.68M | 442.36M |
| Total Liabilities | 705.17M | 524.68M | 461.72M | 389.81M | 582.65M | 855.76M |
| Stockholders Equity | 643.17M | 648.63M | 471.43M | 429.72M | 1.52B | 886.65M |
Cash Flow | ||||||
| Free Cash Flow | -122.29M | -96.47M | 12.18M | 180.62M | 354.75M | -333.18M |
| Operating Cash Flow | 253.27M | 220.41M | 174.08M | 475.67M | 795.37M | 279.77M |
| Investing Cash Flow | -396.03M | -343.34M | -240.53M | 1.32B | -442.30M | -925.71M |
| Financing Cash Flow | 142.57M | 122.31M | 66.95M | -1.92B | -230.14M | 644.46M |
Spartan Delta Technical Analysis
Neutral
11.38
Price Trends
11.17
Positive
9.50
Positive
7.41
Positive
Market Momentum
0.04
Positive
46.59
Neutral
29.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SDE, the sentiment is Neutral. The current price of 11.38 is below the 20-day moving average (MA) of 12.12, above the 50-day MA of 11.17, and above the 200-day MA of 7.41, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 29.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | C$3.16B | 21.48 | 18.54% | 4.58% | -3.35% | -30.86% | |
67 Neutral | C$1.81B | 7.50 | 2.90% | 1.59% | 11.96% | -50.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | C$2.82B | -47.96 | 9.84% | ― | 54.45% | 189.64% | |
62 Neutral | C$2.25B | 44.59 | 1.14% | 8.25% | -8.46% | -91.52% | |
61 Neutral | C$1.69B | 15.88 | 6.59% | ― | 11.26% | ― | |
59 Neutral | C$2.02B | 685.06 | 3.96% | ― | 14.75% | -15.94% |
* Energy Sector Average
TSE:SDE
Spartan Delta
14.07
11.24
397.17%
TSE:AAV
Advantage Energy
10.05
-0.27
-2.62%
TSE:BIR
Birchcliff Energy
6.59
0.19
3.00%
TSE:HWX
Headwater Exploration
13.30
7.33
122.74%
TSE:KEL
Kelt Exploration
10.00
3.49
53.61%
TSE:CJ
Cardinal Energy
12.88
7.23
127.92%
Spartan Delta Corporate Events
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Spartan Delta Adopts Shareholder Rights Plan Ahead of Potential Takeover Bids
Positive
Mar 24, 2026
Spartan Delta Corp. has adopted a shareholder rights plan with Odyssey Trust Company as rights agent, aiming to protect investors in the event of any future unsolicited takeover bid. The plan, which is aligned with contemporary Canadian corporate ...
Business Operations and StrategyFinancial Disclosures
Spartan Delta Posts Transformational 2025 as Duvernay Liquids Growth Surges
Positive
Feb 23, 2026
Spartan Delta reported a transformational 2025 as it accelerated its shift into an oil-weighted Duvernay growth strategy while maintaining a conservative balance sheet and improving capital efficiencies. The company’s Duvernay asset delivere...
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.