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  • Writer's pictureLucas Friesen

Market Summary: January 25, 2024

The TSX closed up 75.76 points today.

Enerplus Corp. produced 100,000 barrels of oil equivalent per day in 2023, above the company’s guidance of 98,000 to 99,000 boe/day. The company spent $532-milllion in 2023, within its guidance of $520-million to $540-million. Enerplus has restored production at its North Dakota operations, which were affected by a winter storm. The company has a market cap of $3.92-billion.

Ken Brinsden, a non-executive chair for Patriot Battery Metals Inc., has accepted the role of CEO, president and managing director of Patriot. Pierre Boivin will take the position of non-executive chair. Blair Way, the company’s current CEO and president, will now be the company’s COO. This news jumped the company’s valuation to over $1-billion and it now has a market cap of $1.04-billion, a needed rebound from its 12-month low achieved earlier this week.

Well Health Technologies Corp. is expecting to release its best revenue and adjust EBITDA to date, when it releases its Q4 2023 results. The company had 1.22 million patient visits in Q4 2023, up from 941,000 visits in Q4 2022. The company has a market cap of $959.59-million.

In 2024, Obsidian Energy Ltd. plans to spend between $345-million and $355-million and produce between 35,250 and 36,750 boe/d in 2024. This production is a 12% increase from 2023’s 32,275 boe/d. The company’s market cap is $716.14-million.

Hemisphere Energy Corp. produced approximately 3,100 boe/d in 2023, which was a 10% increase from 2022. In 2024, the company plans to spend $21-million. It has set its 2024 production guidance at 3,400 boe/d, a 10% increase from 2023. The company has declared a quarterly dividend of $0.025 per share. The company has a market cap of $133.63-million.

Guru Organic Energy Corp. lost $11.91-million on revenue of $29.28-million in its fiscal 2023 ended October 31, 2023. The company lost $17.31-million on revenue of $29.08-million in fiscal 2022. At the end of the fiscal 2023, the company had cash and equivalents of $15.82-million, down from $25.49-million at the end of fiscal 2022. The company has a market cap of $81.52-million.

Thermal Energy International Inc. earned $485,539 on revenue of $7.1-million in its fiscal Q2 2024 ended November 30, 2023. In the comparable 2022 period, the company lost $223,965 on revenue of $4.15-million. At the end of fiscal Q2 2024, the company had cash and equivalents of $3.42-million, compared with $2.72-million at the end of fiscal Q2 2023. The company’s share price has more than doubled since September, 2023. Thermal Energy has a market cap of $47.33-million.

Nuclear Fuels Inc. has closed its $7.63-million bought deal offering. The company issued 12.72 million units at $0.60 per unit. Each unit has one share and one-half of a share purchase warrant, with each full warrant entitling the holder to acquire a Nuclear Fuels share at $0.80 for three years. EnCore Energy (market cap: $979.46-million) acquired 1.71 million units of Nuclear through the offering. EnCore now holds approximately 18.3% of Nuclear Fuels’ outstanding shares, undiluted. Nuclear Fuels has a market cap of $26.19-million.

Pharmala Biotech Holdings Inc. has received a controlled drugs and substances dealer licence from Health Canada. The licence allows the company to sell MDMA and psilocybin to authorized dealers. The company’s share price jumped 46.9% today. It has a market cap of $20.42-million.

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