Trilogy Energy Corp. (TET) rose the most in 21 months after the Canadian oil and natural gas producer boosted cash flow and reserves in the fourth quarter.
Trilogy advanced 9.7 percent to C$28.69 at 11:24 a.m. in Toronto, giving it a market value of C$3.49 billion ($3.39 billion). The shares earlier climbed 13 percent, the most intraday since May 20, 2011.
Funds flow from operations increased 71 percent to C$80.5 million in the fourth quarter from the previous period, Calgary- based Trilogy said yesterday in a statement released after the close of regular trading. Analysts at Peters & Co. said per- share cash flow was 70 cents, beating its 65-cent estimate.
“We continue to forecast Trilogy to have top quartile cash flow growth of 60 percent in 2013, compared to the peer group median of 13 percent,” Jeff Martin and Cindy Mah said yesterday in a note to clients. They expect the stock to outperform peers and have a price target of C$32 for the shares.
Trilogy also said it added the equivalent of 19.2 million barrels of oil to its reserves in the quarter.
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