Tamarack Valley Energy (TSE:TVE) Reaches New 12-Month High – Here’s What Happened

Tamarack Valley Energy Ltd (TSE:TVE)’s share price hit a new 52-week high during mid-day trading on Friday. The stock traded as high as C$14.47 and last traded at C$14.41, with a volume of 1,120,397 shares changing hands. The stock had previously closed at C$14.15.

Analysts Set New Price Targets

TVE has been the topic of a number of research analyst reports. Jefferies Financial Group set a C$17.00 target price on Tamarack Valley Energy and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Desjardins increased their price objective on Tamarack Valley Energy from C$16.00 to C$16.50 and gave the company a “buy” rating in a report on Wednesday, September 9th. Raymond James Financial raised their target price on shares of Tamarack Valley Energy from C$16.00 to C$17.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Scotiabank set a C$17.00 target price on shares of Tamarack Valley Energy and gave the company a “sector outperform” rating in a report on Wednesday, September 30th. Finally, Canaccord Genuity Group upped their price target on shares of Tamarack Valley Energy from C$15.00 to C$16.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Eleven research 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$14.19.

Tamarack Valley Energy Price Performance

The company has a market cap of C$6.83 billion, a price-to-earnings ratio of 206.14 and a beta of 0.41. The company’s 50 day moving average price is C$13.48 and its 200 day moving average price is C$12.85. The company has a current ratio of 2.30, a quick ratio of 0.80 and a debt-to-equity ratio of 18.26.

Tamarack Valley Energy (TSE:TVE) last announced its quarterly earnings data on Tuesday, July 28th. The company reported C$0.43 EPS for the quarter. The firm had revenue of C$493.95 million during the quarter. Tamarack Valley Energy had a net margin of 1.50% and a return on equity of 1.34%. Equities research analysts forecast that Tamarack Valley Energy Ltd will post 0.14 earnings per share for the current year.

Tamarack Valley Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 30th were issued a $0.05 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Tamarack Valley Energy’s previous quarterly dividend of $0.04. Tamarack Valley Energy’s payout ratio is 225.24%.

Insider Activity

In related news, insider Kevin James Johnston bought 7,500 shares of the company’s stock in a transaction on Thursday, September 17th. The stock was bought at an average cost of C$13.44 per share, with a total value of C$100,800.00. Following the completion of the acquisition, the insider owned 104,491 shares in the company, valued at approximately C$1,404,359.04. This represents a 7.73% increase in their position. Also, Director Caralyn Patricia Bennett purchased 36,568 shares of Tamarack Valley Energy stock in a transaction dated Monday, September 21st. The shares were bought at an average price of C$13.26 per share, with a total value of C$484,891.68. Following the completion of the transaction, the director owned 169,192 shares in the company, valued at approximately C$2,243,485.92. This trade represents a 27.57% increase in their position. Insiders have acquired 44,458 shares of company stock worth $590,957 over the last 90 days. 1.32% of the stock is currently owned by company insiders.

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.