Storm Resources Ltd. (OTCMKTS:SRMLF) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,900 shares, a decrease of 76.8% from the August 15th total of 8,200 shares. Based on an average daily volume of 800 shares, the short-interest ratio is currently 2.4 days.
Shares of OTCMKTS:SRMLF traded up $0.06 on Wednesday, hitting $3.48. The company’s stock had a trading volume of 3,400 shares, compared to its average volume of 4,895. The company has a 50-day simple moving average of $2.87 and a 200 day simple moving average of $2.70. Storm Resources has a 1 year low of $1.53 and a 1 year high of $3.50.
A number of brokerages recently issued reports on SRMLF. Stifel Nicolaus increased their price objective on Storm Resources from C$7.25 to C$8.00 and gave the stock a “buy” rating in a report on Thursday, August 12th. CIBC cut Storm Resources from an “outperform” rating to a “neutral” rating in a report on Wednesday, July 14th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $4.35.
Storm Resources Ltd. operates as development company, which engages in the exploration and acquisition of oil, natural gas, and liquids reserves. It focuses on capital investment discipline with strict adherence to production and cash flow growth. It operates in northeast British Columbia and has a focused asset base with large land positions in resource plays at Umbach.
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