Q: Thoughts on the quarter. Is the dividend safe ?
5i Research Answer:
CJ reported EPS inline with estimates of 25c. Revenue missed estimates of $172.68M and came in at $144.79M. Adjusted funds flow increased 55% over the first quarter of 2024 due to increased production, stronger oil prices and reduced net operating expenses. Average production was 3% higher than the previous quarter and 6% higher than the Q2 of 2023. Net debt decreased 17% quarter-over-quarter. Total payout ratio is 59% and 40.6% from cash from operations at quarter ended, so we think the dividend is secure. It was a solid quarter for CJ.