Scotiabank Issues Positive Forecast for Peyto Exploration & Development (TSE:PEY) Stock Price

Peyto Exploration & Development (TSE:PEY) had its target price boosted by research analysts at Scotiabank from C$24.00 to C$27.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 13.02% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Cibc Captl Mkts raised shares of Peyto Exploration & Development from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 13th. Desjardins raised Peyto Exploration & Development from a “hold” rating to a “buy” rating and increased their price target for the stock from C$23.50 to C$24.50 in a research report on Monday, November 24th. Canaccord Genuity Group lifted their price objective on Peyto Exploration & Development from C$20.00 to C$21.50 in a report on Friday, November 14th. CIBC upgraded shares of Peyto Exploration & Development from a “neutral” rating to an “outperform” rating and increased their target price for the stock from C$21.00 to C$25.00 in a report on Tuesday, January 13th. Finally, TD Securities boosted their price target on shares of Peyto Exploration & Development from C$23.00 to C$25.00 and gave the company a “buy” rating in a report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Peyto Exploration & Development presently has a consensus rating of “Moderate Buy” and a consensus price target of C$23.30.

Peyto Exploration & Development Trading Up 1.3%

PEY stock traded up C$0.30 during trading on Wednesday, hitting C$23.89. The company had a trading volume of 603,057 shares, compared to its average volume of 1,117,091. Peyto Exploration & Development has a 52-week low of C$14.57 and a 52-week high of C$24.39. The company has a 50 day simple moving average of C$22.34 and a 200-day simple moving average of C$20.29. The firm has a market capitalization of C$4.82 billion, a P/E ratio of 12.98, a PEG ratio of -0.46 and a beta of -0.46. The company has a quick ratio of 0.32, a current ratio of 1.28 and a debt-to-equity ratio of 49.96.

Insiders Place Their Bets

In related news, insider Michael Richard Collens sold 28,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of C$21.45, for a total transaction of C$611,325.00. Following the completion of the transaction, the insider owned 25,000 shares in the company, valued at C$536,250. The trade was a 53.27% decrease in their position. Also, insider Lee Russell Curran sold 59,000 shares of the stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of C$21.88, for a total transaction of C$1,290,920.00. Following the sale, the insider directly owned 421,844 shares of the company’s stock, valued at C$9,229,946.72. The trade was a 12.27% decrease in their position. Insiders sold a total of 337,400 shares of company stock valued at $7,383,580 in the last three months. 2.36% of the stock is currently owned by insiders.

About Peyto Exploration & Development

Peyto Exploration & Development Corp (Peyto Exploration & Development) is an oil and gas company that involves in the exploration and development of natural gas. The company acquires, explores, develops and produces crude oil and unconventional natural gas reserves.