Tenaz Energy Corp (TSE:TNZ)
TSX:TNZ
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Tenaz Energy Corp
(TSX:TNZ)
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Rating:58Neutral
Price Target:
C$62.00
▲(136.28% Upside)
Action:Downgraded
Date:05/09/26
The score is primarily supported by improved recent financial performance, but is held back by weaker cash-flow quality and higher leverage. Technicals add a modestly cautious tilt due to near-term weakness versus the 20/50-day averages, and valuation is penalized by the negative P/E and lack of a provided dividend yield.
Positive Factors
Revenue Growth & Margins
A large step-up in scale with ~39% TTM revenue growth and very strong gross and net margins indicates the company is currently generating substantial operating profitability. Sustained higher margins provide cash generation capacity to fund operations and growth over the next several months.
Negative Factors
Rising Leverage
Leverage increased materially, reducing balance-sheet flexibility in a cyclical upstream business. Higher debt loads constrain the firm's ability to fund capex, withstand commodity downturns, or pursue opportunistic acquisitions without worsening financial strain over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Margins
A large step-up in scale with ~39% TTM revenue growth and very strong gross and net margins indicates the company is currently generating substantial operating profitability. Sustained higher margins provide cash generation capacity to fund operations and growth over the next several months.
Read all positive factors
Tenaz Energy Corp (TNZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.84B
Dividend YieldN/A
Average Volume (3M)114.27K
Price to Earnings (P/E)―
Beta (1Y)0.17
Revenue Growth592.03%
EPS GrowthN/A
CountryCA
Employees21
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)7.79
Shares Outstanding32,053,000
10 Day Avg. Volume193,159
30 Day Avg. Volume114,265
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$91.59Price Target Upside249.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.17
Revenue Forecast (FY)C$709.20M
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 central Alberta. As of December 31, 2021, the company held 85.7% working interest in 36,208 acres of land at Leduc-Woodbend Rex Pool propert...
How the Company Makes Money
Tenaz Energy primarily makes money by producing and selling hydrocarbons (crude oil, natural gas, and associated natural gas liquids, if produced) from its upstream assets. Revenue is generated when produced volumes are delivered to purchasers (su...
Tenaz Energy Corp Earnings Call Summary
Earnings Call Date:May 09, 2024
(Q1-2024)
| % Change Since: |
Next Earnings Date:Aug 07, 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
78
Positive
Balance Sheet
63
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 402.55M | 284.13M | 63.00M | 64.85M | 34.09M | 17.83M |
| Gross Profit | 138.71M | 29.61M | 36.85M | 39.23M | 21.71M | 11.09M |
| EBITDA | 409.73M | 144.53M | 4.28M | 25.37M | 12.67M | 13.49M |
| Net Income | 209.84M | 315.61M | -7.71M | 26.55M | 5.24M | 8.34M |
Balance Sheet | ||||||
| Total Assets | 2.63B | 2.53B | 390.83M | 238.72M | 203.90M | 75.40M |
| Cash, Cash Equivalents and Short-Term Investments | 116.22M | 103.55M | 139.91M | 50.30M | 1.83M | 25.47M |
| Total Debt | 375.19M | 341.27M | 138.54M | 244.00K | 21.61M | 167.00K |
| Total Liabilities | 2.30B | 2.09B | 298.70M | 142.36M | 132.53M | 10.09M |
| Stockholders Equity | 327.54M | 438.09M | 92.13M | 96.35M | 71.37M | 65.31M |
Cash Flow | ||||||
| Free Cash Flow | 41.27M | 48.60M | -14.51M | -9.68M | -7.75M | -6.45M |
| Operating Cash Flow | 172.95M | 115.85M | 6.24M | 15.18M | 9.35M | 3.94M |
| Investing Cash Flow | -438.59M | -368.93M | -54.12M | 58.20M | -53.89M | -4.24M |
| Financing Cash Flow | 204.39M | 170.00M | 137.85M | -25.36M | 20.91M | 25.76M |
Tenaz Energy Corp Technical Analysis
Neutral
26.24
Price Trends
61.73
Negative
50.35
Positive
36.89
Positive
Market Momentum
-1.12
Positive
43.75
Neutral
21.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TNZ, the sentiment is Neutral. The current price of 26.24 is below the 20-day moving average (MA) of 60.95, below the 50-day MA of 61.73, and below the 200-day MA of 36.89, indicating a neutral trend. The MACD of -1.12 indicates Positive momentum. The RSI at 43.75 is Neutral, neither overbought nor oversold. The STOCH value of 21.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | C$1.32B | -2.94 | 12.43% | ― | -2.78% | -83.12% | |
69 Neutral | C$543.27M | -15.54 | 8.84% | ― | 55.97% | 262.69% | |
66 Neutral | C$987.42M | -9.41 | 1.01% | 7.59% | -12.78% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | C$546.87M | 5.87 | 18.59% | ― | 26.91% | -44.78% | |
58 Neutral | C$1.84B | -4.63 | 61.60% | ― | 592.03% | ― | |
55 Neutral | C$1.13B | ― | 0.08% | ― | -34.90% | ― |
* Energy Sector Average
TSE:TNZ
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221.62%
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Tenaz Energy Corp Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Tenaz Energy’s 2025 Acquisitions Drive Surging Output and Profits Amid Higher Leverage
Positive
Mar 12, 2026
Tenaz Energy reported a transformative 2025, driven by the acquisition of NAM Offshore B.V., now Tenaz Energy Netherlands, and Hansa Hydrocarbons, which added material interests in the Gateway to the Ems project in the North Sea. These deals expan...
Business Operations and StrategyStock Buyback
Tenaz Energy Renews Share Buyback, Authorized to Repurchase Up to 8.4% of Shares
Positive
Feb 12, 2026
Tenaz Energy Corp., a Canada-listed oil and gas producer with key operations in the Dutch North Sea and Alberta’s Leduc-Woodbend, continues to focus on sustainable development and international asset acquisition. The company’s shares 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.