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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Painted Pony Energy Ltd.    PONY   CA6957791081

PAINTED PONY ENERGY LTD.

(PONY)
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Canadian Natural buys Painted Pony for $344 million to boost Western Canada acreage

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08/10/2020 | 08:22am EDT

Canadian Natural Resources Ltd said on Monday it will buy smaller rival Painted Pony Energy Ltd for about C$461 million ($344.26 million) including debt, as Canada's biggest oil and gas producer seeks to expand its Western Canada acreage.

Natural gas prices have come under pressure from reduced consumption as efforts to tackle the COVID-19 pandemic resulted in a drop in manufacturing activities, while cancelled LNG exports have led to high natural gas inventories.

"This transaction also allows us to further insulate against natural gas costs in our oils sands operations and has minimal impact on the company's low overall corporate decline rate," said Canadian Natural President Tim McKay in a statement.

Canadian Natural said the deal includes Painted Pony's properties in Northeast British Columbia areas of Blair, Daiber, Kobes and Townsend, which together produce about 270 million cubic feet per day of natural gas and 4,600 barrels per day of natural gas liquids (NGLs).

According to the terms, Canadian Natural Resources will acquire Painted Pony's outstanding shares for C$0.69 per share in cash, a premium of 17% to Friday's closing price on the Toronto Stock Exchange.

Canadian Natural will also take on about C$350 million of Painted Pony's debt. The companies expect to close the deal in the second half of the year.

The slump in oil and gas prices has also sent energy stocks to record lows, providing larger companies with a chance to increase their holdings by buying smaller rivals for cheap.

Last month, U.S. oil major ConocoPhillips agreed to buy land from Kelt Exploration Ltd in Canada's Montney shale oil play for $375 million, expanding its existing position in the region at an attractive price.

($1 = 1.3391 Canadian dollars)

(Reporting by Shradha Singh; Editing by Shailesh Kuber)

Stocks mentioned in the article
ChangeLast1st jan.
ACREAGE HOLDINGS, INC. -1.07% 2.77 Delayed Quote.-53.21%
CANADIAN NATURAL RESOURCES LIMITED -1.77% 21.63 Delayed Quote.-47.57%
CONOCOPHILLIPS 0.30% 33.7 Delayed Quote.-48.33%
KELT EXPLORATION LTD. -1.29% 1.53 Delayed Quote.-68.17%
LONDON BRENT OIL 0.12% 41.78 Delayed Quote.-37.14%
PAINTED PONY ENERGY LTD. -1.45% 0.68 Delayed Quote.-9.21%
WTI -0.42% 40.091 Delayed Quote.-34.31%
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Financials
Sales 2020 267 M 199 M 199 M
Net income 2020 - - -
Net Debt 2020 357 M 266 M 266 M
P/E ratio 2020 -0,34x
Yield 2020 -
Capitalization 111 M 82,9 M 82,8 M
EV / Sales 2020 1,75x
EV / Sales 2021 1,64x
Nbr of Employees 68
Free-Float 74,6%
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Technical analysis trends PAINTED PONY ENERGY LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 0,79 CAD
Last Close Price 0,69 CAD
Spread / Highest target 132%
Spread / Average Target 15,0%
Spread / Lowest Target 0,00%
EPS Revisions
Managers
NameTitle
Patrick R. Ward President, CEO & Non-Independent Director
Glenn R. Carley Chairman
J. Michael Backus Vice President-Operations & Development
Stuart W. Jaggard Chief Financial Officer
Kevin Daniel Angus Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PAINTED PONY ENERGY LTD.-9.21%83
CNOOC LIMITED-42.59%43 264
CONOCOPHILLIPS-48.33%36 038
EOG RESOURCES, INC.-56.24%21 339
ECOPETROL S.A.-41.18%20 734
CANADIAN NATURAL RESOURCES LIMITED-47.57%19 412