George Maxwell, Chief Executive Officer of Vaalco Energy Inc . (NYSE:EGY), recently acquired additional shares of the company. According to a recent SEC filing, Maxwell purchased 4,500 shares of common stock on December 16, 2024, at a price of $4.68 per share, totaling approximately $21,060. Following this transaction, Maxwell's direct ownership in the company increased to 369,382 shares. The $492 million market cap company currently trades at an attractive P/E ratio of 5.45 and offers a 5.34% dividend yield. InvestingPro analysis indicates the stock is currently undervalued. This move comes as part of his ongoing investment in the company, reflecting his confidence in Vaalco Energy's prospects. The company maintains a perfect Piotroski Score of 9, according to InvestingPro, which has identified 6 additional key investment tips for this stock. Discover comprehensive insights and access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, VAALCO Energy Inc. has delivered a robust Q3 performance in 2024, marked by operational excellence and strategic acquisitions. The company's adjusted EBITDAX reached $92.8 million for the quarter, accumulating to $227 million for the first nine months of 2024. VAALCO's acquisition of Svenska in April 2024 notably increased net proved reserves by 30% to 16.9 million barrels of oil equivalent. The company also reported a net income of $11 million ($0.10 per share) and continued to return value to shareholders through quarterly dividends.
VAALCO Energy's production costs were efficiently managed at $19.80 per barrel, and the company is preparing for drilling programs in Gabon and Canada, and front-end engineering in Equatorial Guinea. The company returned $6.5 million to shareholders through dividends and anticipates further operational efficiency and shareholder returns.
Looking ahead, VAALCO forecasts Q4 production between 23,800 and 26,700 working interest barrels per day, and the 2024 capital expenditure is projected to be between $110 million and $130 million. However, the company anticipates a production decline of 7% to 9% in 2025 and is in ongoing discussions with the Egyptian government to resolve $40 million in outstanding receivables. These are among the recent developments in VAALCO Energy's operations.
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