Based on the Tamarack Valley Energy Ltd stock forecasts from 10 analysts, the average analyst target price for Tamarack Valley Energy Ltd is CAD 7.18 over the next 12 months. Tamarack Valley Energy Ltd’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Tamarack Valley Energy Ltd is Slightly Bearish, which is based on 4 positive signals and 7 negative signals. At the last closing, Tamarack Valley Energy Ltd’s stock price was CAD 3.80. Tamarack Valley Energy Ltd’s stock price has changed by -5.71% over the past week, -11.01% over the past month and +19.50% over the last year.

2. Page 1 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | TSX | Common Stock
Values as of 28th Sep, 2022
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Last Close
CAD 3.80
Change
+0.32(+9.20%)
Market Cap
CAD 1.44B
1 Yr Capital Gain
19.87%
1 Yr Dividend Return
N/A
1 Yr Total Return
19.87%
Earning Growth (5 yr)
1,503.55%
Average Target Price
7.18(+89.00% )
Average Analyst
Rating
Strong Buy
Fundamental
Analysis
Slightly Bearish
Our view of the stock is Slightly Bearish with a score of 3.6 out of 10, where 0 is very bearish and 10 very bullish
What to like
Positive cash flow
The company had positive total cash flow in the most recent four quarters.
Positive free cash flow
The company had positive total free cash flow in the most recent four quarters.
Superior Earnings Growth
This stock has shown top quartile earnings growth in the previous 5 years compared to its sector.
Superior Revenue Growth
This stock has shown top quartile revenue growth in the previous 5 years compared to its sector.
What to not like
Poor risk adjusted returns
This company is delivering below median risk adjusted returns in its peers. Even if it is outperforming on returns , the returns are unpredictable. Proceed with caution.
High volatility
The total returns for this company are volatile and above median for its sector over the past 5 years. Make sure you have the risk tolerance for investing in such stock.
Below median dividend returns
The company’s average income yield over the past 5 years has been low compared to its peers. However, it is not a problem if you are not looking for income.
Overpriced compared to earnings
The stock is trading high compared to its peers on a price to earning basis and is above the sector median.
Poor return on equity
The company management has delivered below median return on equity in the most recent 4 quarters compared to its peers.
Poor return on assets
The company management has delivered below median return on assets in the most recent 4 quarters compared to its peers.
Highly leveraged
The company is in the bottom half compared to its sector peers on debt to equity and is highly leveraged. However, do check the news and look at its sector and
management statements. Sometimes this is high because the company is trying to grow aggressively.

3. Page 2 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Adjusted Closing Share Volume
Relative Returns Relative Performance (Total Returns)
Security Capital Gain Dividend Return Total Return
TVE:CA
Tamarack Valley Energy Ltd
+19.5% 0 +19.5%
XIU:CA
iShares S&P/TSX 60
-6.3% +2.8% -3.5%
Company Overview
Tamarack Valley Energy Ltd. acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Western
Canadian sedimentary basin. It primarily holds interests in the Clearwater assets covering an area of approximately 357 sections of land
located in Alberta; Charlie Lake assets covering approximately 357 sections of land in the northwestern area of Alberta; Viking light oil play
in central and southern Alberta and west central Saskatchewan; Barons Sand oil play in the Penny area of southern Alberta; and heavy oil
properties. The company was formerly known as Tango Energy Inc. and changed its name to Tamarack Valley Energy Ltd. in June 2010.
Tamarack Valley Energy Ltd. was incorporated in 2002 and is headquartered in Calgary, Canada.

4. Page 3 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Company Website
https://www.tamarackvalley.ca
Address
308 ? 4th Avenue S.W., Calgary, AB, Canada, T2P 0H7
Fiscal Year End
December
Employees
74
Technical Indicators
Value Value
Beta 2.86 52 Week High 6.42
Short Ratio 3.96 52 Week Low 3.03
Shorted Shares 13,648,213 200 Day Moving Average 4.60
Shorted Shares Previous Month 4,588,076 50 Day Moving Average 4.06
Shares Held By Insiders 148.80% Short Percentage N/A
Shares Held by Institutions 30.60 Dividend Yield 3.39%

5. Page 4 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Market Performance
Market Performance vs. Industry / Classification (Oil & Gas E&P) Market Performance vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
YTD
Capital Gain -1.30% 32.4% 20% -16.0% 87%
Dividend Return N/A 3.4% N/A 1.9% N/A
Total Return -1.30% 32.9% 15% -14.9% 85%
Trailing 12 Months
Capital Gain 19.87% 45.8% 21% -13.6% 94%
Dividend Return N/A 4.8% N/A 2.4% N/A
Total Return 19.87% 49.2% 21% -12.1% 94%
Trailing 5 Years
Capital Gain 34.28% 18.2% 60% -3.0% 75%
Dividend Return N/A 9.4% N/A 10.8% N/A
Total Return 34.28% 18.2% 60% 8.3% 71%
Average Annual (5 Year Horizon)
Capital Gain 50.23% 46.8% 52% 3.4% 94%
Dividend Return N/A 2.8% N/A 1.8% N/A
Total Return 50.23% 50.2% 50% 5.4% 94%
Risk Return Profile
Volatility (Standard
Deviation)
123.47% 114.7% 44% 18.0% 6%
Risk Adjusted Return 40.69% N/A 41% 32.1% 59%
Market Capitalization 1.44B 0.74B 67% 0.22B 76%

6. Page 5 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Key Financial Ratios
Ratios vs. Industry / Classification (Computer Hardware) Ratios vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
Market Value
peratio 4.6 4.5 48% 12.9 81%
pbratio 1.0 1.2 64% 1.2 59%
pcfratio 4.8 5.5 60% 4.9 50%
pfcfratio 2.8 3.0 58% 4.7 61%
Management Effectiveness
retequity 24.78% 30.8% 38% 8.2% 89%
retinvcap 38.83% 18.0% 69% 4.3% 95%
retass 11.67% 11.7% 50% 2.2% 92%
debtequityratio 37.87% 29.0% 40% 49.5% 58%
Technical Ratios
yield 3.39% 5.2% 37% 3.7% 46%
sratio 3.96 3.05 39% 3.42 45%
spercent 0.13% 1.0% 80% 0.8% 74%
beta 2.86 2.46 36% 1.03 4%

7. Page 6 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Recent Analyst Ratings
Price Action Rating Action Analyst Rating Price date
Target Down BMO Financial Market Perform CAD 5 2022-09-28
Target
National Bank of Canada
Financial
Outperform CAD 9 2022-09-28
Target Down CIBC Capital Markets Outperform CAD 6 2022-09-28
Downgrades STA Research Hold 2022-09-28
Target Up ATB Capital CAD 8.25 2022-09-28
Target Down Acumen Capital Buy CAD 7.5 2022-09-13
Target Down Cormark Securities Buy CAD 7 2022-09-13
Target Lowered by Stifel Nicolaus Research CAD 7.25 » CAD 6.75 2022-08-02
Target Down
National Bank of Canada
Financial
Outperform CAD 8 2022-07-18
Assigns STA Research Speculative Buy CAD 5 2022-07-18
Target Down CIBC Capital Markets Outperform CAD 8 » CAD 6.5 2022-07-13
Target Up Raymond James Capital Strong Buy CAD 7.5 2022-07-05
Target Down Stifel Nicolaus Research Buy CAD 7.25 2022-07-04
Target Up CIBC Capital Markets Outperform CAD 7.5 » CAD 8 2022-06-15
Target Raymond James Capital Strong Buy CAD 7.25 2022-05-04
Maintains CIBC Capital Markets Outperform CAD 7.5 2022-05-04
Target Up CIBC Capital Markets Outperform CAD 7.5 2022-04-22
Target Up Raymond James Capital Strong Buy CAD 7.25 2022-04-22
Target Up RBC Royalbank Outperform CAD 7.5 2022-04-22
Target Up
National Bank of Canada
Financial
Outperform CAD 8.5 2022-04-22
Target Up ATB Capital Strong Buy CAD 5.25 » CAD 6.75 2022-04-22
Target
National Bank of Canada
Financial
Outperform CAD 7 2022-04-14
Maintains CIBC Capital Markets Outperform CAD 7 2022-04-11
Target Up Raymond James Capital Strong Buy CAD 7 2022-03-25
Target Raymond James Capital Strong Buy CAD 6 2022-03-07

8. Page 7 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Annual Financial (CAD)

9. Page 8 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Quarterly Financial (CAD)

10. Page 9 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
TVE:CA:TSX (Tamarack Valley Energy Ltd)
Oil & Gas E&P | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 29th September, 2022
Largest Industry Peers for Oil & Gas E&P
Symbol Company Name Price(Change) Market Cap
CNQ:CA Canadian Natural Resources Ltd +1.31 (+2.1%) CAD 71.79B
CNU:CA CNOOC Limited N/A CAD 58.77B
TOU:CA Tourmaline Oil Corp. +3.50 (+5.1%) CAD 22.62B
OVV:CA Ovintiv Inc +4.22 (+7.4%) CAD 14.17B
ARX:CA ARC Resources Ltd. +0.67 (+4.2%) CAD 10.39B
WCP:CA Whitecap Resources Inc. +0.42 (+5.0%) CAD 5.26B
MEG:CA MEG Energy Corp +1.04 (+7.0%) CAD 4.59B
CPG:CA Crescent Point Energy Corp. +0.48 (+6.0%) CAD 4.52B
VET:CA Vermilion Energy Inc. +1.50 (+5.4%) CAD 4.37B
PSK:CA PrairieSky Royalty Ltd +0.21 (+1.2%) CAD 4.16B
The Stock Target Advisor platform run millions of calculations every day on over 30,000 Canadian and American stocks, comparing and
ranking their financial and market performance against their sectors and exchange.
We represent the percentile ranking using the following grading system.
Letter Grade Percentage Letter Grade Percentage Letter Grade Percentage
A+ 97%-100% A 93%-96% A- 90%-92%
B+ 97%-89% B 83%-86% B- 80%-82%
C+ 77%-79% C 73%-76% C- 70%-72%
D+ 67%-69% D 63%-66% D- 60%-62%
F 0%-59%