Tamarack Valley Energy (TSE:TVE) Hits New 52-Week High After Dividend Announcement

Shares of Tamarack Valley Energy Ltd (TSE:TVE) reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as C$14.14 and last traded at C$14.05, with a volume of 871153 shares trading hands. The stock had previously closed at C$13.61.

The newly announced dividend which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Tamarack Valley Energy’s previous quarterly dividend of $0.04. Tamarack Valley Energy’s payout ratio is 225.24%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Raymond James Financial boosted their price target on Tamarack Valley Energy from C$16.00 to C$17.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 9th. Desjardins lifted their price objective on Tamarack Valley Energy from C$16.00 to C$16.50 and gave the stock a “buy” rating in a report on Wednesday, September 9th. Roth Capital set a C$15.00 target price on Tamarack Valley Energy and gave the stock a “buy” rating in a research report on Tuesday, May 19th. Canaccord Genuity Group upped their target price on Tamarack Valley Energy from C$15.00 to C$16.00 and gave the company a “buy” rating in a report on Wednesday, September 9th. Finally, Canadian Imperial Bank of Commerce raised their price target on Tamarack Valley Energy from C$14.25 to C$15.25 and gave the company an “outperformer” rating in a research report on Friday, May 29th. Ten investment analysts have rated the stock with a Buy rating, According to MarketBeat, Tamarack Valley Energy has an average rating of “Buy” and an average price target of C$13.93.

Tamarack Valley Energy Stock Up 3.6%

The company has a quick ratio of 0.80, a current ratio of 2.30 and a debt-to-equity ratio of 18.26. The firm has a market cap of C$6.70 billion, a PE ratio of 201.43 and a beta of 0.26. The firm’s 50 day moving average is C$13.28 and its 200-day moving average is C$12.39.

Tamarack Valley Energy (TSE:TVE) last released its earnings results on Tuesday, July 28th. The company reported C$0.43 EPS for the quarter. Tamarack Valley Energy had a net margin of 1.50% and a return on equity of 1.34%. The firm had revenue of C$493.95 million during the quarter. As a group, equities research analysts expect that Tamarack Valley Energy Ltd will post 0.1386527 earnings per share for the current fiscal year.

Tamarack Valley Energy Company Profile

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.