Total Energy in Stable Mode While Insiders Raise Stakes

While prices remain high in the energy sector, the energy demand is expected to grow even higher in 2024. Total Energy Services Inc (TOTZF:US) is a versatile energy service supplier to Canadian and global markets. With a current Market Cap of CAD 412.14 million, Total Energy is listed on the Toronto Stock Exchange.

TOTZF stock last closed at CAD 10.31 and is currently up by 32.86% YTD.

Insiders Stock Up

Since March 11, six insiders at Total Energy have been raising their stakes in the company. These insiders made up the company’s whole board, including CEO:

• Kicking off the cycle, Total’s Founder/Director/CEO - Daniel Kim Halyk - bought 5,000 shares for CAD 9.8 on March 11. 

• Director Gregory Knowles Melchin purchased 2,300 shares for CAD 9.748 the same day.

• The following day, Director Kenneth Brandon Mullen stocked up on 8,780 shares for CAD 9.95.

• Joining him was Director Jessica A. Kirstine. She bought 1,150 shares for CAD 9.886.

• On March 13, Glenn Orval J. Dagenais purchased 4,600 shares for CAD 10.38.

• Most recently, Chairman George Chow bought 2,300 shares for CAD 10.38 on March 21.

In total, all the insiders made a combined investment of CAD 240,940 ($178,499).

Mr. Halyk, Total Energy's founder and CEO since 2002, has been a director since the company's start in 1996. Mr. Chow, appointed to the Board in 2017, co-founded Savanna Energy Services Corp. and served as its Executive Vice President from 2003 to 2015.

Latest Company Updates

On March 7, Total Energy disclosed its Q4 and full-year 2023 results. 

While the quarter saw a subtle rise in revenues, revenues for the full year 2023 rose by 17% year-on-year. Additionally, operating income increased by 51% for the fourth quarter and 71% for the full year. In an overview, Total Energy's results reflected stable industry conditions. 

The same day, the company confirmed that it had completed the acquisition of Saxon Energy Services Australia Pty Ltd. by its subsidiary Savanna Energy Services Pty Ltd. The acquisition entailed buying all Saxon shares from SLB for an initial payment of US $34.8 million, with an additional US $2.0 million payment adjusted for post-completion factors due on the first anniversary.

Looking well-positioned for growth in 2024, Total Energy seems like a bullish investment opportunity in the evolving energy sector.