Tamarack Valley Energy (TSE:TVE) Hits New 1-Year High Following Analyst Upgrade

Key Points

• Tamarack Valley Energy reached a new 52-week high after ATB Cormark raised its price target from C$16.00 to C$17.25 and maintained an “outperform” rating. The stock traded near C$15.05, up from its prior close of C$14.65.
• Analyst sentiment remains strongly positive: eleven analysts rate the company a Buy, with a consensus price target of C$15.08; several firms recently increased their targets to between C$16.00 and C$17.00.
• Insiders purchased 44,458 shares worth roughly C$591,000 during the latest quarter, while the company increased its quarterly dividend to C$0.05 per share, equivalent to a 1.3% annual yield.

Tamarack Valley Energy Ltd (TSE:TVE - Get Free Report) hit a new 52-week high during mid-day trading on Friday after ATB Cormark Capital Markets raised their price target on the stock from C$16.00 to C$17.25. ATB Cormark Capital Markets currently has an outperform rating on the stock. Tamarack Valley Energy traded as high as C$15.08 and last traded at C$15.05, with a volume of 830,865 shares changing hands. The stock had previously closed at C$14.65.

Several other equities analysts have also recently commented on the company. Royal Bank Of Canada upped their price target on Tamarack Valley Energy from C$15.00 to C$17.00 and gave the company an "outperform" rating in a report on Wednesday. Raymond James Financial raised their price target on shares of Tamarack Valley Energy from C$16.00 to C$17.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. Scotiabank set a C$17.00 price target on Tamarack Valley Energy and gave the stock a "sector outperform" rating in a research report on Wednesday, September 30th. Desjardins lifted their price objective on Tamarack Valley Energy from C$16.00 to C$16.50 and gave the company a "buy" rating in a report on Wednesday, September 9th. Finally, Canaccord Genuity Group raised their price target on shares of Tamarack Valley Energy from C$15.00 to C$16.00 and gave the stock a "buy" rating in a research note on Wednesday, September 9th. Eleven equities research analysts have rated the stock with a Buy rating. According to MarketBeat, Tamarack Valley Energy presently has an average rating of "Buy" and a consensus price target of C$15.08.

Insider Buying and Selling at Tamarack Valley Energy

In other news, Director Caralyn Patricia Bennett acquired 36,568 shares of Tamarack Valley Energy stock in a transaction on Monday, September 21st. The stock was acquired at an average cost of C$13.26 per share, with a total value of C$484,891.68. Following the transaction, the director owned 169,192 shares of the company's stock, valued at approximately C$2,243,485.92. This trade represents a 27.57% increase in their position. Also, insider Kevin James Johnston acquired 7,500 shares of the firm's stock in a transaction that occurred on Thursday, September 17th. The shares were bought at an average price of C$13.44 per share, with a total value of C$100,800.00. Following the acquisition, the insider directly owned 104,491 shares of the company's stock, valued at C$1,404,359.04. The trade was a 7.73% increase in their position. Insiders bought a total of 44,458 shares of company stock valued at $590,957 in the last quarter. 1.32% of the stock is currently owned by company insiders.

Tamarack Valley Energy Stock Performance

The company's 50-day moving average is C$13.65 and its two-hundred day moving average is C$12.97. The company has a quick ratio of 0.80, a current ratio of 2.30 and a debt-to-equity ratio of 18.26. The company has a market capitalization of C$7.12 billion, a P/E ratio of 214.71 and a beta of 0.41.

Tamarack Valley Energy (TSE:TVE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported C$0.43 EPS for the quarter. The business had revenue of C$493.95 million for the quarter. Tamarack Valley Energy had a net margin of 1.50% and a return on equity of 1.34%. Equities analysts anticipate that Tamarack Valley Energy Ltd will post 0.14 earnings per share for the current fiscal year.

Tamarack Valley Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 30th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.3%. This is a boost from Tamarack Valley Energy's previous quarterly dividend of $0.04. Tamarack Valley Energy's payout ratio is currently 225.24%.

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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