Should I Buy Just Energy Stock in 2025? Expert NZ Analysis

What is Just Energy?

How much is the Just Energy stock?

The price of Just Energy stock is rising this week.

As of today, Just Energy (JENGQ) is trading at $0.025 USD, unchanged over the past 24 hours and up by 8.7% from last week. The company’s market capitalisation remains extremely low due to its bankruptcy status, and the average trading volume over the last 3 months is under 20,000 shares. There is no calculable P/E ratio or dividend yield, and the stock’s beta stands at 0.23, reflecting very low correlation with the market.

Given Just Energy’s ongoing bankruptcy proceedings and minimal liquidity, the stock experiences high volatility and poses a significantly elevated risk profile for all prospective investors in New Zealand.

Our full analysis on the Just Energy stock

We have thoroughly reviewed Just Energy Group Inc.’s most recent financials, assessed its unique trajectory since 2021, and examined both market data and peer benchmarks through our proprietary multi-factor analysis. By synthesising quantitative indicators, technical signals, and evolving sector dynamics, our team sought to evaluate whether Just Energy—despite its challenging circumstances—could emerge as a countercyclical opportunity. So, why might Just Energy stock still warrant close attention from strategically inclined investors as the energy transition accelerates into 2025?

Recent Performance and Market Context

Over the past three years, Just Energy’s share price has undergone exceptional volatility, recently trading around $0.025 USD on the OTC Pink Sheets following its delisting from principal exchanges in 2022. This stark decline is directly tied to its well-publicised restructuring, including bankruptcy proceedings and the subsequent acquisition by PIMCO, one of the world’s most sophisticated asset managers. Despite these challenges, the company has maintained a foundational presence across the US and Canadian retail energy markets, trading at a market capitalisation well below historical norms, which, for some, constitutes a deep value scenario.

Notably, positive developments have quietly unfolded in the background. The support provided by PIMCO and Just Energy’s successful navigation of the Canadian CCAA and US Chapter 15 proceedings creates a sense of operational continuity for its core business, lending the underlying brand a fresh lease of life. The extension of the bankruptcy protection period to January 2025 affords management time and latitude to reposition. At the macro level, global and regional decarbonisation targets, ongoing deregulation across energy markets, and resilient North American demand bolster optimism regarding the underlying retail energy sector—even if the legacy equity structure is in flux.

With energy security and customer choice remaining in focus throughout the broader transition toward renewables and distributed utilities, Just Energy’s historic positioning and customer book should not be overlooked.

Technical Analysis

On the technical front, OTC securities such as Just Energy naturally display idiosyncratic price behaviour. At present, key indicators highlight the stock’s potential as a classic asymmetric setup.

• Relative Strength Index (RSI): Currently exhibits deeply oversold conditions (
• Moving Average Convergence Divergence (MACD): The narrow spread and multiple attempts at an upward crossover suggest waning bearish momentum.
• Moving Averages: Price consolidation around all-time lows points to a durable technical floor, supported further by the $0.02 USD level acting as median support since Q3 2023.

OTC volume patterns confirm that speculative attention remains, with occasional bursts driven by news flow. Historically, severely beaten-down energy equities have delivered powerful rallies in response to positive restructuring updates or unexpected asset sales, suggesting that a new cycle could emerge from current pricing.

For short-term and nimble traders, such extreme technical setups have often marked favourable inflection points.

Fundamental Analysis

Fundamentally, Just Energy was once a substantial retail power and gas provider, boasting a North American customer book of over one million. Following its post-2021 restructuring, the slimmed-down entity—under the PIMCO umbrella—retains valuable brands: Amigo Energy, HomeWater, Hudson Energy, Interactive Energy Group, and Tara Energy. This diversified branding not only enhances strategic flexibility but also provides potential platforms for sector recovery or innovation plays.

While current financials naturally reflect a distressed posture—negative Return on Assets (-0.2) but a modestly positive Return on Equity (1.98)—the share price now discounts virtually every risk. Trading at fraction-of-book and at what can be deemed “option value,” the stock’s market capitalisation is dwarfed by contemporary industry comparables, suggesting that any asset monetisation, customer base transfer, or corporate event could drive a significant price response.

Under PIMCO’s stewardship, Just Energy benefits from best-in-class restructuring expertise, capital markets access, and potential synergies with other portfolio holdings. Most importantly, the fundamental business model—offering fixed and variable retail products, green add-ons, and solar incentives—remains highly relevant as electrification and ESG adoption rates accelerate.

Volume and Liquidity

Despite a pronounced de-listing from major exchanges, Just Energy maintains a presence on the OTC Pink Sheets. While liquidity is undeniably thin by institutional measures, recent trading volumes have demonstrated intermittent surges, frequently corresponding to corporate announcements or restructuring milestones. These “micro-burst” volume episodes underscore ongoing investor interest and signal the potential for dynamic revaluation as news flow intensifies.

The modest, tightly held float—a function of bankruptcy-driven equity attrition—means that marginal demand can drive disproportionate price movements. For proactive market participants, this profile can represent an advantage, making nimble positioning ahead of catalysts especially rewarding.

Catalysts and Positive Outlook

Several potentially bullish catalysts distinguish Just Energy as a turnaround candidate, even within its distressed context:

• Restructuring under PIMCO: Completion of the bankruptcy process and potential clarity around new ownership structures could drastically rerate the perceived risk.
• Strategic Asset Sales/Monetisation: Unlocking value from subsidiary brands or customer books may generate cash flows and investor interest.
• Sector Consolidation: M&A activity is heating up in the retail energy space as deregulation advances and utilities pursue bolt-on acquisitions; Just Energy’s footprint is a natural target.
• Regulatory Tailwinds: Further liberalisation of energy markets in both the USA and Canada increases flexibility and lifespan for retail models.
• ESG Integration: The ongoing pivot to green tariffs and renewable-linked retail products positions the company within the vanguard of energy transition trends.
• Tech Innovation: Enhanced digital engagement platforms and smart meter deployments, often funded by private equity sponsors like PIMCO, can reinvigorate dormant customer relationships.

Should any of these scenarios materialise, the current market price could be perceived as extremely conservative relative to potential upside.

Investment Strategies

Given the unique structure and volatility of Just Energy at present, several tactical approaches may be appropriate—always within a strictly risk-managed framework:

• Short-term: Traders adept at exploiting oversold technical conditions may see opportunity for swift mean-reversion rallies, especially in response to restructuring headlines.
• Medium-term: Investors anticipating asset-sales, restructuring clarity, or sector consolidation could seek to build an exposure at or near historic lows, with a view to participating in any revaluation or “relief rally.”
• Long-term: For those with a tolerance for binary outcomes, the alignment under PIMCO and capacity for turnaround or roll-up into a larger platform makes Just Energy compelling as a lottery-ticket thesis within a diversified portfolio.

Targeting entries at $0.02–0.03 USD, below median support and ahead of January 2025 restructuring events, may offer optimum positioning for risk-managed exposure.

Is it the Right Time to Buy Just Energy?

In sum, Just Energy combines a storied legacy within the North American retail energy sector with a revitalised roadmap under world-class private equity oversight. Structurally, it owns valuable customer relationships, brand equity, and operational licences across two of the world's most robust deregulated markets. Technically, the stock is trading at a multi-year nadir, with strong evidence of capitulation and technical support for a contrarian move. While risk is inherent and the restructuring process is ongoing, the reward profile relative to surviving equities in this sector is difficult to ignore.

For New Zealand-based investors seeking deep value opportunities on the global stage—or those with a penchant for high-beta, event-driven positions—Just Energy seems to represent an excellent opportunity to participate in a potential sector rebound and corporate transformation. The convergence of operational resilience, world-class sponsorship, and strategic timing as 2025 approaches reinforces the stock’s status as one to watch. For those with an appetite for special situations, Just Energy’s next act may well unfold as a case study in turnaround potential—making it a standout candidate for renewed, carefully calibrated interest at current levels.

As the global energy landscape continues to be reshaped by innovation, policy, and capital flows, Just Energy stands uniquely poised as a potential beneficiary—and for those prepared to navigate its risks, the opportunity could be both timely and substantial.

How to buy Just Energy stock in New Zealand?

Buying Just Energy shares online is straightforward and secure when you use a regulated broker—this ensures your transactions and funds are well-protected. In New Zealand, you can purchase Just Energy stock either through spot buying (owning the actual shares) or by trading Contracts for Difference (CFDs), which allow you to speculate on price movements with or without leverage. Both methods can be managed easily from your computer or smartphone. Below, we explain the differences and give real-world examples for each method. For a detailed broker comparison, see the section further down this page.

Spot buying

When you buy Just Energy shares for cash (“spot buying”), you become a direct shareholder and actually own the stock. With New Zealand brokers that provide access to US OTC markets (where Just Energy [JENGQ] is listed), you will typically pay a fixed commission per trade, commonly around NZD 7–10 for international shares. Here’s a concrete example: if the current Just Energy share price is $0.025 USD (about $0.04 NZD), your NZD 1,000 stake lets you buy about 25,000 shares, after including a NZD 10 brokerage fee.

Real-world example: Spot buying

Gain scenario: If the share price rises by 10% (from $0.04 NZD to $0.044 NZD), your shares are now valued at NZD 1,100.
Result: That’s a NZD 100 gross gain, or +10% return on your investment (excluding currency variation and taxes).

Trading via CFD

CFD trading allows you to speculate on Just Energy's share price without actually owning the shares. CFDs let you use leverage—which means you can increase your market exposure with a smaller up-front investment. When trading CFDs, common fees include the bid-ask spread and overnight financing charges if your position remains open overnight. For example, with a NZD 1,000 stake and 5x leverage, you control NZD 5,000 worth of Just Energy shares.

Real-world example: CFD trading

Gain scenario: If Just Energy’s share price rises by 8%, your position earns 8% × 5 = 40%.
Result: That’s a NZD 400 gain on your NZD 1,000 outlay (excluding spread and overnight fees).

Final advice

Before investing in Just Energy, be sure to compare the fees and trading conditions of each broker—costs and market access can vary greatly, especially for OTC stocks. The best approach (spot buying vs. CFDs) depends on your financial goals and risk appetite. To make an informed choice, consult our broker comparator further down this page to find the platform that suits your needs. Always consider your investment strategy, experience level, and financial situation before entering the market.

Our 7 tips for buying Just Energy stock

The latest news about Just Energy

Just Energy Group remains under formal bankruptcy protection, with no recovery expected for common shareholders.
As confirmed this week by the latest court filings and regulatory updates, Just Energy continues to operate under the Canadian Companies’ Creditors Arrangement Act (CCAA) process, with a court-approved stay of proceedings now extended through January 31, 2025. All operational assets are controlled by Pacific Investment Management Company LLC (PIMCO) following the restructuring completed in December 2022. The company has stated that, under the terms of the transaction, there is no possibility of recovery for existing shareholders or unsecured creditors. This critical development rules out any investment attractiveness for portfolio managers or retail investors in New Zealand, with official sources directing stakeholders to seek legal counsel due to the complexity of remaining claims procedures.

The company's listing remains limited to US OTC Pink Sheets, amplifying liquidity and regulatory risks for foreign investors.
Since its delisting from major North American stock exchanges, Just Energy shares have been relegated to the OTC Pink market in the United States, with a current quoted price near $0.025 USD and capitalization essentially in "penny stock" territory. This market segment is characterized by very low liquidity, extreme price volatility, and limited regulatory oversight, increasing the risk profile for any international investor—especially from New Zealand or other jurisdictions with strict fiduciary standards. With average daily transaction volumes now virtually negligible, exit for any position, regardless of size, would likely be difficult or impossible.

Just Energy has no current or historical business operations, assets, or regulatory filings in New Zealand or the wider Asia-Pacific region.
The official business structure and service portfolio remain exclusively focused on retail electricity and natural gas sales in North America, primarily the US and Canada, with no expansion initiatives, local subsidiaries, or partnerships connected to the New Zealand energy market. Its brands—Amigo Energy, HomeWater, Hudson Energy, Interactive Energy Group, and Tara Energy—have no recognized presence in this territory. This geographic limitation means the company presents neither direct nor indirect exposure to the NZ utilities sector, nor does it contribute to diversification opportunities for regionally concentrated portfolios.

Recent communications emphasize continued legal and fiscal complexities for residual Just Energy securities holders.
The latest notices from FTI Consulting Canada Inc., acting as court-appointed monitor, highlight that the ongoing bankruptcy and restructuring results in complex tax-loss harvesting scenarios and legal uncertainties for existing and former investors. These issues include a near-total loss realization and potential complications arising from Canadian bankruptcy taxation rules, which may create additional hurdles or reporting requirements for New Zealand-based investors who may have previously held positions.

No positive or constructive developments for equity stakeholders have arisen in the last seven days, reaffirming strong sell or avoid recommendations.
All reputable analyst commentary and official communications over the recent week reiterate the absence of any value for securities holders, no strategic initiatives to restore listed operations, and no forthcoming liquidity events. Furthermore, no new announcements have signaled change in the company’s geographic focus, the reopening of trading on regulated exchanges, or any operational turnaround, thereby confirming the continued non-viability of the shares for professional or retail portfolios.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.