Pine Cliff Energy Ldt. - PNE-T

Company Website 

Company Highlights: 

  • Pine Cliff is a natural gas producer with three core areas in Alberta (Edson, Central and Southern). Production in Q2/22 was 21,331 boe/d (87% natural gas) up 18% from 18,095 boe/d in Q2/21. They have a low decline rate of 6% annually. Funds flow rocketed higher with the large move in commodity prices and had funds flow of $56M in the quarter up from $9.5M in Q2/21. On a per share basis this was 16 cents versus three cents. AIMCO in Edmonton is their largest shareholder.
  • PNE has 348M shares outstanding, no debt, a market capitalization of over $600M and significant insider ownership (11%). They pay a monthly dividend of one cent which provides a yield of 6.7%.
  • We see PNE generating funds flow of $0.54 per share this year. We have a $4.00 per share Bull Market Peak target.
Phil Hodge
Phil Hodge
President & CEO
Mr. Hodge joined Pine Cliff in January 2012 as President, Chief Executive Officer and Director and its first employee. Mr. Hodge also sits on the Board of Governors of EPAC and on the Board of Directors of Westport Fuel Systems. Prior to Pine Cliff, Mr. Hodge held the position of Vice
President, Business Development at Penn West Exploration, at the time, one of the largest conventional oil and natural gas producers in North America. Prior to that, Mr. Hodge was a Managing Director at Mackie Research Capital Corporation and J.F. Mackie Co., Calgary based
investment banks, Vice President, General Counsel and Director of Westport Innovations Inc., President of Westport’s China Division and a partner at Bennett Jones LLP, a Canadian national law firm, practicing in that firm's securities and mergers and acquisitions teams in its Calgary