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Highlights

  • InPlay Oil Corp. (TSX: IPO) is an oil development and production company involved in acquisition, exploration, and development of petroleum and natural gas properties.
  • The company’s net debt decreased by approximately 9% to CAD 41.8 million, as on June 30, 2023.
  • IPO ended the second quarter with a net debt to EBITDA leverage ratio of 0.4x, versus 0.5x in the previous corresponding period.

Based in Calgary, Alberta, InPlay Oil Corp. (TSX: IPO) is an oil development and production company. The company focuses on acquisition, exploration, and development of petroleum and natural gas properties. It also produces and sales crude oil, natural gas, and natural gas liquids.

The company’s net debt decreased by approximately 9% to CAD 41.8 million, as of June 30, 2023, down from CAD 46.2 million in Q1 2023. IPO ended the second quarter with a net debt to EBITDA leverage ratio of 0.4x, versus 0.5x in the previous corresponding period.

IPO stock had a healthy dividend yield of 7.06%, at the last closing price of CAD 2.57 as on 31 October 2023.

The company’s top-line  witnessed a drop of 40.2% in Q2 2023, due to a decrease in volumes sold at a reduced realized price.

For the reporting period, the company posted a total expense of CAD 29.3 million in Q2 2023. This was primarily because of increase in operating expenditures as well as higher depletion and depreciation cost.

Overall, the company’s profit before tax was registered at CAD 7.4 million against CAD 32.9 million in pcp. Also, its net profit fell to CAD 4.3 million in the second quarter of 2023 versus CAD 29.0 million in Q2 2022.

In the second half of the year 2023, InPlay is expecting an increase in crude oil price. Thereby, it will continue to drill oil-weighted properties for obtaining maximum revenue from its main commodity. This will also lead to an increase in operated natural gas capacity of the company and lower its dependency on third-party infrastructure.

Top 10 Shareholders

Approximately 25.32% of the total shareholding in the company is held by its top ten shareholders. While JOG Capital, Inc. holds maximum stake with ­­23.08% shareholding, Bartole (Douglas J) is the second biggest shareholder in InPlay with approximately 0.52% stake.

 

 

 

Stock Price Performance

IPO’s stock price has declined by 7.22% over the last one month. It has decreased by approximately 4.10% in the past three months. The stock’s 52-week high and low prices stand at CAD 3.74 and CAD 2.28, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 31, 2023. The reference data in this report has been partly sourced from EODHD/Others.