Q: Hi, thoughts on Q1 results for Tamarack tve/t....looks like went from Q4 profit of +.10 per share to loss of -.06 per share???.....also guidance looks to be on the low range.....any concerns with 5i????....have larger position.....thanks as always, jb Piedmont QC
5i Research Answer:
EPS of ($0.06) missed estimates of $0.0763 and revenues were $393.34M. Adjusted Funds Flow was $181.6M, a 15% year-over-year increase, which was directed to dividends, and reinforcing its balance sheet. TVE purchased 7.6M in shares during the quarter, 1.4% of outstanding shares for $25.6M. Production volume was in line with guidance, and management called for an average annual production of 61,000 to 63,000 boe/d in 2024 with a capital budget of $390M to $440M. A big piece of its loss per share in the quarter is due to an unrealized loss in its commodity related hedging contract. The stock closed the day in the green, and we are not overly concerned by this quarter. It continues to offer a high dividend yield, and repurchase shares.