Whitecap Resources (TSE:WCP) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Scotiabank raised its price target for Whitecap Resources from C$12.00 to C$14.00, indicating a potential upside of 29.39% from the current stock price.
• Other analysts have also updated their ratings, with Desjardins upgrading Whitecap from "hold" to "buy," and Raymond James setting a price objective of C$14.00 with a "strong-buy" rating.
• Despite the positive outlook from analysts, Whitecap Resources shares experienced a 1.0% dip, closing at C$10.82 on the day the news was released.

Whitecap Resources (TSE:WCP - Get Free Report) had its price objective hoisted by analysts at Scotiabank from C$12.00 to C$14.00 in a research report issued on Thursday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's price target would suggest a potential upside of 29.39% from the company's current price.

Several other brokerages also recently issued reports on WCP. Desjardins upgraded shares of Whitecap Resources from a "hold" rating to a "buy" rating and lifted their price target for the stock from C$12.00 to C$12.50 in a research note on Tuesday, August 26th. Raymond James Financial boosted their price objective on Whitecap Resources from C$13.00 to C$14.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Whitecap Resources has a consensus rating of "Buy" and a consensus price target of C$13.86.

Whitecap Resources Stock Down 1.0%

Shares of WCP stock traded down C$0.11 on Thursday, hitting C$10.82. The stock had a trading volume of 3,319,285 shares, compared to its average volume of 6,109,530. The firm has a market capitalization of C$13.33 billion, a price-to-earnings ratio of 7.41, a P/E/G ratio of -0.33 and a beta of 0.66. The stock's 50 day moving average is C$10.46 and its 200-day moving average is C$9.41. The company has a debt-to-equity ratio of 21.58, a quick ratio of 0.67 and a current ratio of 0.88. Whitecap Resources has a 52-week low of C$6.87 and a 52-week high of C$11.30.

Insider Transactions at Whitecap Resources

In related news, Director Grant Bradley Fagerheim purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was acquired at an average cost of C$10.32 per share, with a total value of C$51,600.00. Following the transaction, the director owned 3,195,745 shares of the company's stock, valued at C$32,980,088.40. This represents a 0.16% increase in their position. Company insiders own 0.84% of the company's stock.

Whitecap Resources Company Profile

Whitecap Resources Inc is engaged in the business of acquiring, developing, and holding interests in petroleum and natural gas properties and assets. The company acquires assets with discovered petroleum initially in place and low current recovery factors. Light oil is the primary byproduct of Whitecap's Canadian assets.

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