Strathcona Resources (TSE:SCR) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• Strathcona Resources shares rose 5.4%, trading as high as C$41.97 and moving above their 50-day average of C$41.84. The company has a market capitalization of approximately C$8.99 billion.
• Analyst sentiment is broadly positive: MarketBeat reports an average rating of “Buy” from six analysts, with an average price target of C$43.00. Jefferies upgraded the stock to “Buy” with a C$56 target, while National Bank lowered its target to C$66 but maintained an “Outperform” rating.
• Strathcona paid a quarterly dividend of C$0.30 per share, equal to C$1.20 annually and a 2.9% yield; its current payout ratio is 34.58%.

Shares of Strathcona Resources Ltd. (TSE:SCR - Get Free Report) crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$41.84 and traded as high as C$41.97. Strathcona Resources shares last traded at C$41.97, with a volume of 891,653 shares.

Analyst Upgrades and Downgrades

SCR has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of Strathcona Resources from C$36.00 to C$49.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 8th. TD Securities raised shares of Strathcona Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 17th. Jefferies Financial Group upgraded Strathcona Resources from a "hold" rating to a "buy" rating and upped their price objective for the stock from C$45.00 to C$56.00 in a report on Thursday, June 4th. Finally, National Bank Financial cut their target price on Strathcona Resources from C$68.00 to C$66.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of C$43.00.

Strathcona Resources Stock Up 5.4%

The stock has a fifty day moving average price of C$41.84 and a 200-day moving average price of C$37.43. The firm has a market cap of C$8.99 billion, a PE ratio of 12.10, a PEG ratio of -2.02 and a beta of 2.61. The company has a debt-to-equity ratio of 50.35, a quick ratio of 11.09 and a current ratio of 0.39.

Strathcona Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 17th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, June 8th. Strathcona Resources's payout ratio is currently 34.58%.

Strathcona Resources Company Profile

Strathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. The Company has three operations, including Cold Lake, Lloydminster Thermal and Lloydminster Conventional. Strathcona is a major producer in the Cold Lake region of Alberta. Our operations include thermal oil producing assets at Lindbergh, Orion and Tucker, with production from best-in-class steam-assisted gravity drainage (SAGD) oil assets.

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