Tamarack Valley Energy (TSE:TVE) Hits New 52-Week High - What's Next?

Key Points

• Tamarack Valley Energy shares reached a new 52-week high of C$14.47 and were last trading at C$14.41, above their 50-day and 200-day moving averages.
• Analysts remain broadly bullish, with all 11 covering analysts rating the stock a Buy and several setting price targets between C$16.00 and C$17.00. However, the consensus target is C$14.19, below the current share price.
• The company increased its quarterly dividend from C$0.04 to C$0.05 per share, equivalent to a 1.4% annualized yield, while insiders purchased approximately C$591,000 of stock during the last quarter.

Tamarack Valley Energy Ltd (TSE:TVE - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday. The company traded as high as C$14.47 and last traded at C$14.41, with a volume of 1,120,397 shares changing hands. The stock had previously closed at C$14.15.

Wall Street Analysts Forecast Growth

TVE has been the topic of several analyst reports. 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. Raymond James Financial upped their price target on Tamarack Valley Energy from C$16.00 to C$17.00 and gave the company an "outperform" rating in a research note on Wednesday, September 9th. Canaccord Genuity Group raised their price objective on Tamarack Valley Energy from C$15.00 to C$16.00 and gave the stock a "buy" rating in a research report on Wednesday, September 9th. Scotiabank set a C$17.00 price objective on shares of Tamarack Valley Energy and gave the company a "sector outperform" rating in a report on Wednesday, September 30th. Finally, Desjardins increased their target price on shares of Tamarack Valley Energy from C$16.00 to C$16.50 and gave the stock a "buy" rating in a research note on Wednesday, September 9th. Eleven analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of C$14.19.

Tamarack Valley Energy Stock Performance

The company has a current ratio of 2.30, a quick ratio of 0.80 and a debt-to-equity ratio of 18.26. The company has a market capitalization of C$6.83 billion, a price-to-earnings ratio of 206.14 and a beta of 0.41. The stock's fifty day simple moving average is C$13.48 and its 200-day simple moving average is C$12.85.

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

Tamarack Valley Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders 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 yield of 1.4%. This is an increase from Tamarack Valley Energy's previous quarterly dividend of $0.04. Tamarack Valley Energy's dividend payout ratio is 225.24%.

Insider Activity

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

Tamarack Valley Energy Company Profile

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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