Research Analysts Issue Forecasts for Gear Energy Ltd.’s FY2024 Earnings (TSE:GXE)

Gear Energy Ltd. (TSE:GXE) – Equities research analysts at Atb Cap Markets dropped their FY2024 earnings per share estimates for Gear Energy in a research note issued on Wednesday, May 1st. Atb Cap Markets analyst A. Arif now forecasts that the company will post earnings per share of $0.09 for the year, down from their previous 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) EPS 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 firm had revenue of C$37.52 million during the quarter.

Separately, ATB Capital cut their price objective on shares of 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 Price Performance

Shares of TSE GXE opened at C$0.75 on Monday. The firm has a 50-day simple moving average of C$0.67 and a 200-day simple moving average of C$0.68. 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 stock has a market capitalization of C$197.54 million, a price-to-earnings ratio of 25.00 and a beta of 3.73. Gear Energy has a 52 week low of C$0.60 and a 52 week high of C$1.04.

Gear Energy Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 31st will be issued a $0.005 dividend. This represents a $0.06 annualized dividend and a yield of 8.00%. The ex-dividend date of this dividend is Tuesday, May 14th. Gear Energy’s payout ratio is currently 200.00%.

Insiders Place Their Bets

In other news, Director Don Gray purchased 705,500 shares of the stock in a transaction dated Friday, May 3rd. The shares were purchased at an average price of C$0.73 per share, with a total value of C$515,015.00. Insiders sold 103,000 shares of company stock valued at $68,816 in the last three months. 7.07% of the stock is currently owned by insiders.

Gear Energy Company Profile

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.