RE:RE:RE:RE:Robert Tattersall in Globe and Mail Yes I like the lower share count for sure. A few interesting points.
In 2019 esn share count was 141857. In 2014, their share count was 125778 which has been increasing at a slow rate of 2.43% compounded annually. In 2018, esn paid off a good size of their long term debt of 14,950 (x1000) while not diluting current shareholders.
Cathedral energy is trading at a lower pb ratio and fewer shares which makes the comparison interesting. Essential energy produced cash flow before non cash working capital of 14.1m and 23m for 2019 and 2018 respectively. Cathedral energy on the other hand produced cash flow of -2.562m and 0.970m for 2019 and 2018 respectively. Both have low financial leverage but I like Essential energy as their past cash flow performance has outperformed Cathedral energy.
It is interesting to note that Cathedral energy has grown their share count from 36.295m in 2014 to 49.468m in 2019 which is growing at a compounded rate of 6.38%/year, higher than essential energy. This makes sense as their cash flow situation is not all that impressive in the last couple of years.