Canaccord Genuity Group Forecasts Strong Price Appreciation for Tamarack Valley Energy (TSE:TVE) Stock

Tamarack Valley Energy (TSE:TVE) had its price target increased by equities researchers at Canaccord Genuity Group from C$15.00 to C$16.00 in a note issued to investors on Wednesday, BayStreet reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 18.08% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Roth Capital set a C$15.00 target price on shares of Tamarack Valley Energy and gave the stock a “buy” rating in a research note on Tuesday, May 19th. Jefferies Financial Group set a C$17.00 price objective on shares of Tamarack Valley Energy and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Desjardins upped their price target on Tamarack Valley Energy from C$16.00 to C$16.50 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James Financial raised their price objective on shares of Tamarack Valley Energy from C$16.00 to C$17.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Canadian Imperial Bank of Commerce lifted their target price on Tamarack Valley Energy from C$14.25 to C$15.25 and gave the company an “outperformer” rating in a research note on Friday, May 29th. Ten analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Tamarack Valley Energy has an average rating of “Buy” and a consensus target price of C$13.93.

Tamarack Valley Energy Trading Down 1.8%

TSE TVE traded down C$0.25 during trading on Wednesday, hitting C$13.55. The company had a trading volume of 2,143,980 shares, compared to its average volume of 2,039,951. The company has a current ratio of 2.30, a quick ratio of 0.80 and a debt-to-equity ratio of 18.26. The company has a market cap of C$6.44 billion, a price-to-earnings ratio of 193.57 and a beta of 0.26. The company’s fifty day moving average is C$13.21 and its 200-day moving average is C$12.28. Tamarack Valley Energy has a one year low of C$5.47 and a one year high of C$14.11.

Tamarack Valley Energy (TSE:TVE) last issued its quarterly earnings results on Tuesday, July 28th. The company reported C$0.43 earnings per share (EPS) for the quarter. Tamarack Valley Energy had a net margin of 1.50% and a return on equity of 1.34%. The company had revenue of C$493.95 million during the quarter. On average, sell-side analysts predict that Tamarack Valley Energy will post 0.1386527 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert Spitzer sold 10,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of C$13.02, for a total value of C$130,200.00. Following the sale, the director owned 424,442 shares of the company’s stock, valued at approximately C$5,526,234.84. This represents a 2.30% decrease in their ownership of the stock. Also, Director Shannon Joseph acquired 27,521 shares of Tamarack Valley Energy stock in a transaction that occurred on Tuesday, June 16th. The stock was purchased at an average cost of C$12.56 per share, for a total transaction of C$345,663.76. Following the completion of the transaction, the director directly owned 66,376 shares in the company, valued at C$833,682.56. This trade represents a 70.83% increase in their ownership of the stock. Insiders own 1.32% of the company’s stock.

About Tamarack Valley Energy

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.