RE:scotiacaretired1 wrote: Maintained 12 month target price at $20 after earnings release
And said the following:
Latest Research (March 07, 2024):OUR TAKE: Negative. Q4/23 CFPS beat consensus by 19% largely due to lower taxes. Minimal cash taxes/windfall taxes were recorded in Q4/23 because the taxes recorded in Q1-Q3/23 captured VET’s 2023 tax liability. Excluding lower taxes, VET’s Q4/23 CFPS beat consensus by 5%. 1P and 2P reserves decreased by 14% and 18% y/y, respectively, due to dispositions and negative technical revisions. The technical revisions were focused on VET’s Canadian and US assets and reflected changes in the development plan and weaker performance. Also, a $1B impairment was recorded on its Canadian, US, and French assets. The company indicated that 50% of its excess free cash flow would be returned to shareholders for all of 2024 instead of Q2/24 onwards