National Bank of Canada Maintains Topaz Energy Outperform Rating, $33.50 Target

11:52 AM EDT, 10/01/2025 (MT Newswires) -- National Bank of Canada maintained Topaz Energy's (TPZEF) Outperform rating and $33.50 price target after the company announced a tuck-in acquisition, which it said was "highly complementary."

The $72 million transaction with Tourmaline Oil (TRMLF) continues to expand and compound Topaz's value trajectory, National Bank said.

The deal is significantly on-strategy for the company, continuing to augment its duration and exposure to a best-in-class operator and tier one exposures, while complementing the value opportunity through maximum exposure to high-growth trends within the operator's five-year plan.

The upside and opportunity of Topaz's gas exposures is incremental to high-impact exposures in the Clearwater and elsewhere across its portfolio, in support of a high quality and diversified asset to support long-term shareholder returns.

Topaz's share price at last look was down 0.7% to $25.65 on the Toronto Stock Exchange in early Wednesday trading.

Price: 25.67, Change: -0.16, Percent Change: -0.62

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