Scotiabank Issues Positive Forecast for Athabasca Oil (TSE:ATH) Stock Price

Key Points

• Scotiabank has increased its target price for Athabasca Oil (TSE:ATH) from C$6.50 to C$7.00, while maintaining a "sector perform" rating, indicating a potential downside of 1.27% from its previous close.
• Royal Bank of Canada has also raised its target price for Athabasca Oil to C$7.00 with an "outperform" rating, amid a consensus rating of "Hold" among analysts.
• Insider trading shows confidence in the company, with Athabasca Oil Corporation acquiring 158,200 shares at an average price of C$5.89 on July 31st.

Athabasca Oil (TSE:ATH - Get Free Report) had its target price upped by research analysts at Scotiabank from C$6.50 to C$7.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the oil and gas exploration company's stock. Scotiabank's price objective would suggest a potential downside of 1.27% from the company's previous close.

Separately, Royal Bank Of Canada raised their target price on shares of Athabasca Oil from C$6.50 to C$7.00 and gave the company an "outperform" rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of C$6.67.

Athabasca Oil Price Performance

Athabasca Oil stock remained flat at C$7.09 during trading hours on Thursday. 2,068,858 shares of the company's stock traded hands, compared to its average volume of 2,419,498. Athabasca Oil has a 52-week low of C$4.05 and a 52-week high of C$7.20. The business's 50 day moving average is C$6.21 and its 200-day moving average is C$5.60. The stock has a market capitalization of C$3.52 billion, a price-to-earnings ratio of 8.24, a PEG ratio of -0.51 and a beta of 0.99. The company has a current ratio of 2.54, a quick ratio of 1.24 and a debt-to-equity ratio of 12.55.

Insiders Place Their Bets

In other news, insider Athabasca Oil Corporation bought 158,200 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average price of C$5.89 per share, with a total value of C$932,414.98. 0.24% of the stock is owned by corporate insiders.

About Athabasca Oil

Athabasca Oil Corp is an energy company. It is focused on the exploration, development, and production of light oil and liquids-rich natural gas. The company organizes its business under two operational segments, Light Oil and Thermal Oil. It generates maximum revenue from the Thermal Oil segment. Thermal Oil includes the exploration, development, and production of bitumen from sand and carbonate rock formations located in the Athabasca region of Northern Alberta.

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