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Pine Cliff Energy Ltd.: what insiders have been doing
This page follows insider dealings at Pine Cliff Energy Ltd. as filed with SEDI, a company from the Energy sector. The last twelve months, up to 24 October 2026, brought 39 filings signed by 10 insiders.
Every open-market trade in the period is a purchase: 14 purchases worth €159k, from 5 insiders, and not a single sale. A purchase on the market is a deliberate choice to commit personal money, which is why it draws more attention than a grant. Among those who bought: 5 senior executives. One trade stands out by size: a purchase of €27k from Fryk, Robert Brent, disclosed on 19 December 2025.
For context, the typical company on the same exchange (median of 2,734 companies) published 14 filings over the same period, against 39 filings here. Our records for Pine Cliff Energy Ltd. go back to 2012, with 476 purchases and 236 sales on the open market in total.
The last purchase on record was published on 29 September 2026, which is 25 days ago. Between a trade and the moment it shows up on SEDI, the median delay is 3 days. That lag is the time during which only the insider knows about the trade.
Source: insider filings from SEDI. Past trades are no guide to future returns.
Insider Decl.
868
Thresholds
n/a
Buy Volume
€10M
476 ops. · all time
Sell Volume
€12M
236 ops. · all time
Who traded when
BuySaleRobert Brent Fryk8 buys6 sales
Philip Blake Hodge12 buys
Foulkes, Hilary, Amber3 buys
Kristopher Bruce Zack3 buys
Austin William Nieuwdorp2 buys
Daniel Christopher Keenan1 sale
+1 other insider
Analyst consensus: bullish or bearish?
Analysts rate Pine Cliff Energy Ltd. Strong Buy (bullish), based on 4 analysts. Average price target: CA$0.76.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 14,112 of 26,290 companies
49.3
score / 100
Value55
Quality44
FCF yld5.4%
Earn yld-6.3%
EV/EBITDA6.5x
ROE-26%
Gross mgn67%
Net mgn-6.8%
Debt/EBITDA1.2x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
CA$0.53
Analyst consensus
4 analystsStrong buy
CA$0.65Target CA$0.76(+44%)CA$0.90
Income statement
RevenueCA$177.8M
Gross profitCA$119.5M67% margin
EBITDACA$36.1M20% margin
Net income-CA$12.1M-5.4% margin
Valuation
P/Book7.0x
Beta0.25
Balance sheet & cash
Market capCA$190.2M
Total debtCA$43.9M
Free Cash FlowCA$10.3M
Debt / Equity158%
Profitability & ownership
ROE-26.4%
ROA-3.2%
% insiders3.7%
% institutions10.7%
Last declaration on 29 September 2026
Declarations868 total
15,000 shares@ CA$0.540.0042% mcap1.2% of flowCommon SharesTSXSEDI:4782836
Canonical exit: 28 Dec 2026 (T+90)
30,000 shares@ CA$0.530.0083% mcap2.7% of flowCommon SharesTSXSEDI:4780636
Canonical exit: 22 Dec 2026 (T+90)
200,000 shares@ CA$1.4642.4% of flowOptionsTSXSEDI:4774790
50,000 sharesOptionsTSXSEDI:4761826
75,000 shares@ CA$1.7333.3% of flowOptionsTSXSEDI:4735726
122,951 shares@ CA$0.610.039% mcap39.2% of flowRights (Deferred Share Units)TSXSEDI:4729141
725,000 shares@ CA$0.6175.7% of flowOptionsTSXSEDI:4728540
206,011 shares@ CA$0.610.066% mcap21.5% of flowRights (Restricted Share Units)TSXSEDI:4728523
450,000 shares@ CA$0.6177.9% of flowOptionsTSXSEDI:4728009
127,869 shares@ CA$0.610.041% mcap22.1% of flowRights (Restricted Share Units)TSXSEDI:4727999
76,722 shares@ CA$0.610.025% mcap50.0% of flowRights (Restricted Share Units)TSXSEDI:4727816
76,721 shares@ CA$0.610.025% mcap50.0% of flowRights (Restricted Share Units)TSXSEDI:4727808
270,000 sharesOptionsTSXSEDI:4727790
270,000 sharesOptionsTSXSEDI:4727786
270,000 sharesOptionsTSXSEDI:4727784
122,951 shares@ CA$0.610.039% mcap88.2% of flowRights (Deferred Share Units)TSXSEDI:4726463
103,448 shares@ CA$0.590.032% mcap100.0% of flowRights (Deferred Share Units)TSXSEDI:4726377
122,951 shares@ CA$0.610.039% mcap100.0% of flowRights (Deferred Share Units)TSXSEDI:4726333
450,000 shares@ CA$0.6142.6% of flowOptionsTSXSEDI:4726320
127,869 shares@ CA$0.610.041% mcap12.1% of flowRights (Restricted Share Units)TSXSEDI:4726317
122,951 shares@ CA$0.610.039% mcap24.3% of flowRights (Deferred Share Units)TSXSEDI:4726313
76,722 shares@ CA$0.610.025% mcap12.1% of flowRights (Restricted Share Units)TSXSEDI:4726262
76,721 shares@ CA$0.610.025% mcap12.1% of flowRights (Restricted Share Units)TSXSEDI:4726253
270,000 shares@ CA$0.6142.5% of flowOptionsTSXSEDI:4726245
16,949 shares@ CA$0.590.0053% mcap11.8% of flowCommon SharesTSXSEDI:4722439
Canonical exit: 19 Aug 2026 (T+90)
25 of 868 declarations
About Pine Cliff Energy Ltd.
Pine Cliff Energy Ltd. is a Canadian upstream energy company listed on the TSX in Toronto under the ticker PNE, operating from its head office in Calgary, Alberta, Canada. The company is engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids, with a business model that is heavily weighted toward natural gas. Pine Cliff presents itself as a long-life, low-decline producer in Western Canada, a profile that typically appeals to investors looking for cash-flow visibility, dividend support and operational discipline rather than aggressive high-growth drilling. ([pinecliffenergy.com](https://www.pinecliffenergy.com/contact-us?update=president-report&utm_source=openai))
From a historical standpoint, the company says it scaled from roughly 100 boe/d in 2012 to more than 20,000 boe/d through a combination of counter-cyclical acquisitions, low-risk development and selective capital deployment. Its asset base is concentrated in the Western Canadian Sedimentary Basin, with operating areas in Alberta and Saskatchewan. Pine Cliff’s operations are structured around conventional gas-weighted assets with low production decline, which allows the company to maintain output with relatively modest capital spending and to focus on recompletions, targeted drilling and accretive acquisitions. ([pinecliffenergy.com](https://www.pinecliffenergy.com/operations?utm_source=openai))
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In terms of market positioning, Pine Cliff is a mid-sized Canadian producer rather than a large integrated energy player. Its competitive edge lies in its low-decline asset base, insider ownership, and a stated emphasis on shareholder returns through dividends and disciplined capital allocation. The company also markets natural gas across multiple hubs, including AECO, Aden, TEP, Dawn and Empress, which helps diversify pricing exposure within its core Western Canadian gas franchise. ([pinecliffenergy.com](https://www.pinecliffenergy.com/operations?utm_source=openai))
Recent developments remain focused on balance-sheet management, reserve life and incremental operational execution. On March 4, 2026, Pine Cliff reported 2025 annual results, including reduced net debt of C$49.6 million, average annual production of 20,763 boe/d and updated reserve disclosures, while also declaring a dividend. In March 2026, it announced first production results from a recently completed Glauconite well in the Caroline area of central Alberta and a monthly dividend declaration. Earlier, in January 2025, Pine Cliff disclosed a natural gas supply agreement for an Alberta data centre project, a notable example of commercial diversification linked to emerging local energy demand. ([pinecliffenergy.com](https://www.pinecliffenergy.com/news/pine-cliff-energy-ltd-announces-2025-annual-results-filing-of-disclosure-documents-annual-reserves-dividend-declaration-and-corporate-outlook?utm_source=openai))
