Desjardins Forecasts Strong Price Appreciation for Tamarack Valley Energy (TSE:TVE) Stock

Key Points

• Desjardins raised Tamarack Valley Energy’s price target from C$16.00 to C$16.50 and maintained a “buy” rating, implying 21.77% upside from the C$13.55 share price.
• Analyst sentiment is broadly positive: ten analysts rate the stock a Buy, with a consensus target of C$13.93; targets from other firms range as high as C$17.00.
• The company reported quarterly revenue of C$493.95 million and EPS of C$0.43. Insider activity was mixed, with one director purchasing 27,521 shares and another selling 10,000 shares.

Tamarack Valley Energy (TSE:TVE - Get Free Report) had its price objective increased by Desjardins from C$16.00 to C$16.50 in a research report issued to clients and investors on Wednesday, BayStreet reports. The brokerage presently has a "buy" rating on the stock. Desjardins' price target indicates a potential upside of 21.77% from the stock's current price.

A number of other brokerages have also commented on TVE. Raymond James Financial raised their price target on Tamarack Valley Energy from C$15.00 to C$16.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Roth Capital set a C$15.00 target price on Tamarack Valley Energy and gave the stock a "buy" rating in a research report on Tuesday, May 19th. Jefferies Financial Group set a C$17.00 price target on shares of Tamarack Valley Energy and gave the company a "buy" rating in a research report on Tuesday, August 18th. Canaccord Genuity Group upgraded Tamarack Valley Energy from a "hold" rating to a "buy" rating and upped their target price for the company from C$12.00 to C$15.00 in a report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce lifted their price objective on Tamarack Valley Energy from C$14.25 to C$15.25 and gave the company an "outperformer" rating in a research report on Friday, May 29th. Ten analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of C$13.93.

Tamarack Valley Energy Stock Performance

Shares of TSE:TVE traded down C$0.25 on Wednesday, reaching C$13.55. 2,143,980 shares of the company's stock were exchanged, compared to its average volume of 2,039,951. The firm 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. The business's 50-day moving average is C$13.21 and its two-hundred day moving average is C$12.28. The company has a quick ratio of 0.80, a current ratio of 2.30 and a debt-to-equity ratio of 18.26.

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

Insiders Place Their Bets

In other Tamarack Valley Energy news, Director Shannon Joseph acquired 27,521 shares of Tamarack Valley Energy stock in a transaction dated Tuesday, June 16th. The stock was bought at an average cost of C$12.56 per share, with a total value of C$345,663.76. Following the acquisition, the director owned 66,376 shares of the company's stock, valued at approximately C$833,682.56. The trade was a 70.83% increase in their ownership of the stock. Also, Director Robert Spitzer sold 10,000 shares of the firm'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 of the company's stock, valued at C$5,526,234.84. This trade represents a 2.30% decrease in their position. Corporate 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.

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