Peyto Exploration & Development (TSE:PEY) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Peyto shares rose above their 200-day moving average of C$24.91, reaching C$25.70 before last trading at C$25.35 on volume of about 1.03 million shares.
• Analyst sentiment is favorable, with an overall “Moderate Buy” rating and an average price target of C$26.64. National Bank Financial raised its target to C$30 and maintained an “outperform” rating, while Scotiabank upgraded the stock to “hold.”
• The company reported quarterly revenue of C$340.45 million and earnings of C$0.50 per share, alongside a 39.78% net margin; however, insiders sold 90,229 shares worth approximately C$2.28 million over the past 90 days.

Peyto Exploration & Development Corp. (TSE:PEY - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$24.91 and traded as high as C$25.70. Peyto Exploration & Development shares last traded at C$25.35, with a volume of 1,028,294 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on PEY. Scotiabank raised Peyto Exploration & Development to a "hold" rating in a research report on Friday, June 26th. National Bank Financial lifted their price objective on Peyto Exploration & Development from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of C$26.64.

Peyto Exploration & Development Price Performance

The stock has a market capitalization of C$5.19 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of -0.46 and a beta of -0.23. The company has a 50 day moving average of C$24.55 and a 200 day moving average of C$24.91. The company has a quick ratio of 0.32, a current ratio of 1.63 and a debt-to-equity ratio of 34.98.

Peyto Exploration & Development (TSE:PEY - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported C$0.50 earnings per share for the quarter. Peyto Exploration & Development had a return on equity of 16.96% and a net margin of 39.78%. The firm had revenue of C$340.45 million for the quarter.

Insider Activity

In related news, Director Stephen Jonathan Chetner sold 2,229 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of C$25.18, for a total value of C$56,126.22. Following the transaction, the director directly owned 97,805 shares of the company's stock, valued at approximately C$2,462,729.90. This trade represents a 2.23% decrease in their position. Also, insider Lee Russell Curran sold 28,000 shares of Peyto Exploration & Development stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of C$25.45, for a total value of C$712,600.00. Following the completion of the transaction, the insider owned 436,270 shares in the company, valued at C$11,103,071.50. The trade was a 6.03% decrease in their position. Insiders have sold a total of 90,229 shares of company stock valued at $2,275,786 in the last ninety days. 2.36% of the stock is owned by company insiders.

Peyto Exploration & Development Company Profile

Peyto Exploration & Development Corp (Peyto Exploration & Development) is an oil and gas company that involves in the exploration and development of natural gas. The company acquires, explores, develops and produces crude oil and unconventional natural gas reserves.

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