Wednesday, June 05, 2024
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Special dividend. Excluding special dividends, Hemisphere Energy pays a base dividend of C$0.025 per share per quarter, or C$0.10 per share on an annual basis. Hemisphere Energy recently declared a special dividend of C$0.03 per common share. The special dividend will be paid on July 26 to shareholders of record on July 12. In May, the company’s board of directors approved a quarterly cash dividend of C$0.025 per share that will be paid on June 28 to shareholders of record on June 20.
Return of capital to shareholders. To date in 2024, Hemisphere has committed to returning C$10.7 million to shareholders, including shares repurchased and canceled under the company’s normal course bid, quarterly dividend payments in February and June, and the special dividend payment in July. Returns of capital are funded entirely with free cash flow supported by ultra-low decline rates, low operating expenses, low capital-intensive assets, long life reserves and minimal decommissioning liabilities.
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