Canaccord Genuity Group Issues Positive Forecast for Tamarack Valley Energy (TSE:TVE) Stock Price

Tamarack Valley Energy (TSE:TVE) had its target price hoisted by investment analysts at Canaccord Genuity Group from C$6.75 to C$8.00 in a note issued to investors on Thursday,BayStreet.CA reports. Canaccord Genuity Group’s price target indicates a potential downside of 1.48% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. CIBC lifted their price target on Tamarack Valley Energy from C$7.25 to C$8.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. Acumen Capital raised their target price on Tamarack Valley Energy from C$7.25 to C$7.50 and gave the company a “buy” rating in a research note on Thursday, October 30th. Raymond James Financial boosted their price target on shares of Tamarack Valley Energy from C$6.50 to C$7.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. National Bankshares upped their price target on shares of Tamarack Valley Energy from C$7.50 to C$8.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Finally, BMO Capital Markets raised their price objective on shares of Tamarack Valley Energy from C$9.00 to C$11.00 in a research report on Friday, November 21st. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$8.60.

Tamarack Valley Energy Price Performance

Shares of TVE stock traded up C$0.06 during midday trading on Thursday, reaching C$8.12. 904,337 shares of the company were exchanged, compared to its average volume of 1,947,351. The company’s 50 day moving average price is C$6.61 and its two-hundred day moving average price is C$5.64. The company has a market cap of C$3.99 billion, a P/E ratio of -47.76 and a beta of 0.79. Tamarack Valley Energy has a 12 month low of C$3.10 and a 12 month high of C$8.32. The company has a debt-to-equity ratio of 34.61, a quick ratio of 0.80 and a current ratio of 0.73.

Tamarack Valley Energy (TSE:TVE) last posted its quarterly earnings data on Friday, October 31st. The company reported C($0.50) EPS for the quarter. Tamarack Valley Energy had a net margin of 13.48% and a return on equity of 9.89%. The company had revenue of C$406.32 million for the quarter. On average, sell-side analysts expect that Tamarack Valley Energy will post 0.1386527 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Shannon Joseph bought 16,129 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was bought at an average cost of C$6.32 per share, for a total transaction of C$101,935.28. Following the completion of the acquisition, the director directly owned 38,328 shares in the company, valued at C$242,232.96. This represents a 72.66% increase in their position. Corporate 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.