CIBC Issues Positive Forecast for Tamarack Valley Energy (TSE:TVE) Stock Price

Key Points

• CIBC has raised its price target for Tamarack Valley Energy from C$6.25 to C$7.00, indicating a potential upside of 19.05% based on the stock's previous close.
• Other research firms, including Desjardins and Raymond James Financial, have also increased their price targets and assigned either "hold" or "outperform" ratings, demonstrating a generally positive outlook on the stock.
• Despite the positive ratings, Tamarack Valley Energy's stock recently declined by 2.3%, trading at C$5.88, while it has a market cap of C$2.93 billion.

Tamarack Valley Energy (TSE:TVE - Get Free Report) had its target price upped by investment analysts at CIBC from C$6.25 to C$7.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. CIBC's price target suggests a potential upside of 16.67% from the stock's current price.

Several other equities analysts have also recently issued reports on the company. Desjardins raised their price target on Tamarack Valley Energy from C$5.50 to C$6.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Raymond James Financial raised their price target on Tamarack Valley Energy from C$6.00 to C$6.50 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Royal Bank Of Canada increased their price objective on Tamarack Valley Energy from C$6.00 to C$7.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, ATB Capital raised their price target on Tamarack Valley Energy from C$6.00 to C$6.25 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Tamarack Valley Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of C$6.58.

Tamarack Valley Energy Trading Up 1.9%

Tamarack Valley Energy stock traded up C$0.11 during mid-day trading on Friday, hitting C$6.00. The stock had a trading volume of 2,115,996 shares, compared to its average volume of 2,064,624. The stock has a 50-day simple moving average of C$5.40 and a two-hundred day simple moving average of C$4.68. The stock has a market capitalization of C$2.99 billion, a PE ratio of 12.50 and a beta of 1.12. Tamarack Valley Energy has a 12 month low of C$3.10 and a 12 month high of C$6.18. The company has a current ratio of 0.73, a quick ratio of 0.80 and a debt-to-equity ratio of 34.61.

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.