Raymond James Financial Raises Tamarack Valley Energy (TSE:TVE) Price Target to C$9.00

Tamarack Valley Energy (TSE:TVE) had its price objective lifted by equities researchers at Raymond James Financial from C$7.00 to C$9.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Raymond James Financial’s price objective would indicate a potential upside of 10.84% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Desjardins boosted their price objective on Tamarack Valley Energy from C$8.50 to C$8.75 and gave the company a “buy” rating in a research note on Thursday. Acumen Capital boosted their price objective 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. Canaccord Genuity Group increased their price objective on Tamarack Valley Energy from C$6.75 to C$8.00 in a report on Thursday. CIBC lifted their target price on Tamarack Valley Energy from C$8.00 to C$9.00 and gave the company an “outperform” rating in a report on Thursday. Finally, ATB Capital upped their price target on Tamarack Valley Energy from C$7.25 to C$9.00 and gave the company an “outperform” rating in a research report on Thursday. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Tamarack Valley Energy presently has an average rating of “Moderate Buy” and a consensus price target of C$8.60.

Tamarack Valley Energy Stock Performance

TSE TVE traded up C$0.06 during trading hours on Thursday, reaching C$8.12. 904,337 shares of the company were exchanged, compared to its average volume of 1,947,351. The stock has a market capitalization of C$3.99 billion, a P/E ratio of -47.76 and a beta of 0.79. The company has a quick ratio of 0.80, a current ratio of 0.73 and a debt-to-equity ratio of 34.61. Tamarack Valley Energy has a 1 year low of C$3.10 and a 1 year high of C$8.32. The business’s 50 day simple moving average is C$6.61 and its 200-day simple moving average is C$5.64.

Tamarack Valley Energy (TSE:TVE) last released its earnings results on Friday, October 31st. The company reported C($0.50) earnings per share 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, equities research analysts expect that Tamarack Valley Energy will post 0.1386527 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Shannon Joseph purchased 16,129 shares of Tamarack Valley Energy stock in a transaction that occurred on Thursday, November 6th. The shares were acquired at an average cost of C$6.32 per share, for a total transaction of C$101,935.28. Following the transaction, the director directly owned 38,328 shares in the company, valued at C$242,232.96. The trade was a 72.66% increase in their ownership of the stock. 1.32% of the stock is owned by corporate insiders.

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.