Canaccord Genuity Group Issues Positive Forecast for Tamarack Valley Energy (TSE:TVE) Stock Price

Key Points

• Canaccord Genuity Group raised its price target for Tamarack Valley Energy from C$15.00 to C$16.00 while maintaining a “buy” rating, implying 18.08% potential upside.
• Analyst sentiment remains strongly positive: all 10 covering analysts rate the stock a Buy, with a consensus price target of C$13.93; other recent targets range from C$15.25 to C$17.00.
• TVE shares traded at C$13.55, near their 52-week high of C$14.11. The company reported quarterly revenue of C$493.95 million and earnings of C$0.43 per share, while insider activity included both a director sale and a larger director purchase.

Tamarack Valley Energy (TSE:TVE - Get Free Report) had its target price lifted by equities research analysts at Canaccord Genuity Group from C$15.00 to C$16.00 in a note issued to investors on Wednesday, BayStreet reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 18.08% from the stock's current price.

Several other analysts also recently issued reports on the stock. Jefferies Financial Group set a C$17.00 price objective on shares of Tamarack Valley Energy and gave the stock a "buy" rating in a report on Tuesday, August 18th. Raymond James Financial boosted their price objective on shares of Tamarack Valley Energy from C$16.00 to C$17.00 and gave the stock an "outperform" rating in a research report on Wednesday. Canadian Imperial Bank of Commerce raised their target price on Tamarack Valley Energy from C$14.25 to C$15.25 and gave the stock an "outperformer" rating in a report on Friday, May 29th. Roth Capital set a C$15.00 price objective on shares of Tamarack Valley Energy and gave the stock a "buy" rating in a research report on Tuesday, May 19th. Finally, Desjardins boosted their target price on Tamarack Valley Energy from C$16.00 to C$16.50 and gave the stock a "buy" rating in a report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of C$13.93.

Tamarack Valley Energy Price Performance

Shares of TVE traded down C$0.25 during mid-day trading on Wednesday, hitting C$13.55. The company's stock had a trading volume of 2,143,980 shares, compared to its average volume of 2,039,951. The firm has a 50-day moving average price of C$13.21 and a 200 day moving average price of C$12.28. The company has a debt-to-equity ratio of 18.26, a current ratio of 2.30 and a quick ratio of 0.80. The stock has a market capitalization of C$6.44 billion, a price-to-earnings ratio of 193.57 and a beta of 0.26. Tamarack Valley Energy has a fifty-two week low of C$5.47 and a fifty-two week high of C$14.11.

Tamarack Valley Energy (TSE:TVE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported C$0.43 earnings per share (EPS) for the quarter. Tamarack Valley Energy had a net margin of 1.50% and a return on equity of 1.34%. The company had revenue of C$493.95 million for the quarter. On average, research analysts predict that Tamarack Valley Energy will post 0.1386527 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert Spitzer sold 10,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of C$13.02, for a total value of C$130,200.00. Following the transaction, the director owned 424,442 shares in the company, valued at C$5,526,234.84. The trade was a 2.30% decrease in their position. Also, Director Shannon Joseph acquired 27,521 shares of Tamarack Valley Energy stock in a transaction on Tuesday, June 16th. The stock was acquired at an average price of C$12.56 per share, with a total value of C$345,663.76. Following the purchase, the director directly owned 66,376 shares in the company, valued at approximately C$833,682.56. This trade represents a 70.83% increase in their ownership of the stock. Company insiders own 1.32% of the company's stock.

About Tamarack Valley Energy

Tamarack Valley Energy Ltd. engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the Western Canadian sedimentary basin. It primarily holds interests in Cardium light oil plays in Wilson Creek/Alder Flats/Pembina, and Garrington and Lochend areas in Alberta; Viking light oil resource plays in Redwater and Westlock in Alberta, as well as in the Consort area of southeast Alberta and Hoosier area of southwest Saskatchewan; Barons Sands light oil plays located in the Penny area of Southern Alberta; and heavy oil properties located in Hatton area of Saskatchewan.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.