Shares of Newalta Co. (TSE:NAL) shot up 8.3% during trading on Wednesday . The company traded as high as C$0.78 and last traded at C$0.78. 59,850 shares traded hands during trading, a decline of 65% from the average session volume of 172,445 shares. The stock had previously closed at C$0.72.

A number of brokerages have commented on NAL. TD Securities restated a “hold” rating and set a C$1.00 price target on shares of Newalta in a research note on Tuesday, October 3rd. Canaccord Genuity reduced their target price on shares of Newalta from C$3.00 to C$1.90 and set a “speculative buy” rating for the company in a research note on Tuesday, August 8th. Scotiabank reduced their target price on shares of Newalta from C$2.25 to C$2.00 and set a “sector perform” rating for the company in a research note on Friday, August 4th. Finally, National Bank Financial reduced their target price on shares of Newalta from C$2.00 to C$1.75 and set a “sector perform” rating for the company in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of C$1.66.

The stock’s market capitalization is $63.47 million. The stock has a 50 day moving average of $0.86 and a 200-day moving average of $1.46.

In related news, Director Gordon E. Pridham purchased 50,000 shares of Newalta stock in a transaction dated Friday, August 11th. The stock was purchased at an average cost of C$1.12 per share, for a total transaction of C$56,000.00.

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About Newalta

Newalta Corporation is a Canada-based provider of engineered environmental solutions to the oil and gas industry. The Company’s segments include Heavy Oil and Oilfield. The Company’s Heavy Oil segment processes oilfield-generated wastes, including treatment, water disposal, salt cavern disposal, landfilling, and the sale of recovered crude oil.

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