Tamarack Valley Energy (TSE:TVE) Raised to “Buy” at Canaccord Genuity Group

Tamarack Valley Energy (TSE:TVE) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Friday,BayStreet.CA reports. The firm presently has a C$15.00 price objective on the stock, up from their previous price objective of C$12.00. Canaccord Genuity Group’s target price would indicate a potential upside of 19.71% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. ATB Cormark Capital Markets increased their target price on shares of Tamarack Valley Energy from C$9.50 to C$11.50 and gave the stock an “outperform” rating in a research note on Thursday, February 26th. National Bank Financial raised their price target on shares of Tamarack Valley Energy from C$10.00 to C$11.50 and gave the company an “outperform” rating in a research note on Thursday, February 26th. Desjardins raised their price target on shares of Tamarack Valley Energy from C$10.00 to C$10.50 and gave the company a “buy” rating in a research note on Thursday, February 26th. Roth Mkm set a C$15.00 price target on shares of Tamarack Valley Energy and gave the company a “buy” rating in a research note on Tuesday, May 19th. Finally, Acumen Capital raised their price target on shares of Tamarack Valley Energy from C$7.50 to C$10.50 and gave the company a “buy” rating in a research note on Thursday, February 26th. Nine research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of C$12.73.

Tamarack Valley Energy Stock Performance

TVE traded down C$0.37 during midday trading on Friday, hitting C$12.53. 1,091,828 shares of the company were exchanged, compared to its average volume of 2,187,481. The company’s 50 day simple moving average is C$11.86 and its 200 day simple moving average is C$9.75. The firm has a market capitalization of C$5.99 billion, a price-to-earnings ratio of -69.61 and a beta of 0.46. The company has a current ratio of 0.69, a quick ratio of 0.80 and a debt-to-equity ratio of 37.62. Tamarack Valley Energy has a 1-year low of C$4.35 and a 1-year high of C$13.97.

Tamarack Valley Energy (TSE:TVE) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$0.20 earnings per share for the quarter. Tamarack Valley Energy had a negative return on equity of 5.03% and a negative net margin of 6.60%.The company had revenue of C$375.55 million for the quarter. As a group, sell-side analysts predict that Tamarack Valley Energy will post 0.1386527 earnings per share for the current 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.