Tamarack Valley Energy (TSE:TVE) Hits New 1-Year High Following Dividend Announcement

Key Points

• Tamarack Valley Energy reached a new 52-week high of C$5.79 following the announcement of a dividend of $0.0128 per share, payable on October 15th.
• Brokerages like Royal Bank of Canada and Raymond James have upgraded their price targets for Tamarack Valley Energy, with the consensus target now at C$6.33.
• The company holds a market capitalization of C$2.88 billion and has a P/E ratio of 12.04, indicating its potential profitability in the energy sector.

Tamarack Valley Energy Ltd (TSE:TVE - Get Free Report) hit a new 52-week high on Tuesday following a dividend announcement from the company. The company traded as high as C$5.79 and last traded at C$5.79, with a volume of 73498 shares. The stock had previously closed at C$5.73.The newly announced dividend which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.0128 per share. Tamarack Valley Energy's dividend payout ratio is 31.67%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TVE. Desjardins increased their price objective on Tamarack Valley Energy from C$5.50 to C$6.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Raymond James Financial increased their price objective on Tamarack Valley Energy from C$6.00 to C$6.50 and gave the stock an "outperform" rating in a report on Thursday, July 31st. CIBC increased their price objective on Tamarack Valley Energy from C$5.50 to C$6.25 and gave the stock an "outperform" rating in a report on Thursday, July 31st. ATB Capital increased their price objective on Tamarack Valley Energy from C$6.00 to C$6.25 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Royal Bank Of Canada raised their target price on Tamarack Valley Energy from C$6.00 to C$7.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$6.33.

Tamarack Valley Energy Trading Up 0.9%

The company has a fifty day simple moving average of C$5.31 and a two-hundred day simple moving average of C$4.61. The company has a debt-to-equity ratio of 34.61, a current ratio of 0.73 and a quick ratio of 0.80. The company has a market capitalization of C$2.88 billion, a P/E ratio of 12.04 and a beta of 1.12.

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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