Atb Cap Markets Comments on Gear Energy Ltd.’s FY2024 Earnings (TSE:GXE)

Gear Energy Ltd. (TSE:GXE) – Investment analysts at Atb Cap Markets reduced their FY2024 EPS estimates for Gear Energy in a research report issued to clients and investors on Wednesday, May 1st. Atb Cap Markets analyst A. Arif now anticipates that the company will post earnings per share of $0.09 for the year, down from their prior forecast of $0.10. The consensus estimate for Gear Energy’s current full-year earnings is $0.12 per share.

Gear Energy (TSE:GXE) last posted its quarterly earnings data on Wednesday, February 21st. The company reported C($0.03) earnings per share for the quarter, missing the consensus estimate of C$0.02 by C($0.05). Gear Energy had a net margin of 7.00% and a return on equity of 3.81%. The company had revenue of C$37.52 million for the quarter.

Separately, ATB Capital cut their price objective on Gear Energy from C$1.25 to C$1.00 and set an “outperform” rating for the company in a report on Thursday, January 18th.

Gear Energy Stock Up 0.7 %

GXE opened at C$0.76 on Monday. The company has a quick ratio of 0.56, a current ratio of 1.10 and a debt-to-equity ratio of 9.40. The business’s fifty day simple moving average is C$0.67 and its 200 day simple moving average is C$0.68. Gear Energy has a 52 week low of C$0.60 and a 52 week high of C$1.04. The stock has a market cap of C$198.85 million, a PE ratio of 25.17 and a beta of 3.73.

Gear Energy Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 31st will be issued a $0.005 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 7.95%. Gear Energy’s payout ratio is 200.00%.

Insider Activity

In related news, Director Don Gray acquired 705,500 shares of Gear Energy stock in a transaction dated Friday, May 3rd. The shares were purchased at an average cost of C$0.73 per share, with a total value of C$515,015.00. In the last 90 days, insiders sold 103,000 shares of company stock valued at $68,816. Corporate insiders own 7.07% of the company’s stock.

About Gear Energy

Gear Energy Ltd., an exploration and production company, engages in the acquiring, developing, and holding of interests in petroleum and natural gas properties and assets in Canada. The company's oil properties are located in Central Alberta, West Central Saskatchewan, and Southeast Saskatchewan.