10:54 AM EST, 03/05/2024 (MT Newswires) -- National Bank of Canada said Monday that Topaz Energy Corp. ( TPZEF ) 's cash flow per share of $0.50 in the fourth quarter of 2023 exceeded the bank's forecast of $0.49 and the consensus estimate of $0.47.

The beat was driven by the company's royalty production of 19,600 barrels of oil equivalent per day, up 5% quarter over quarter, as well as infrastructure and other revenue of $18.5 million, an increase of 2% from the previous quarter.

National Bank said Topaz's results reflect the strength and defensibility of its assets, while adding that the confidence on these assets should continue to resonate through the outlook in support of continued value expansion.

The bank gave Topaz an outperform rating with a $27.50 price target.

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