Tamarack Valley Energy (TSE:TVE) Hits New 1-Year High Following Analyst Upgrade

Tamarack Valley Energy Ltd (TSE:TVE) shares hit a new 52-week high on Friday after ATB Cormark Capital Markets raised their price target on the stock from C$16.00 to C$17.25. ATB Cormark Capital Markets currently has an outperform rating on the stock. Tamarack Valley Energy traded as high as C$15.08 and last traded at C$15.05, with a volume of 830,865 shares trading hands. The stock had previously closed at C$14.65.

TVE has been the topic of several other reports. Jefferies Financial Group set a C$17.00 target price on Tamarack Valley Energy and gave the stock a “buy” rating in a report on Tuesday, August 18th. Raymond James Financial boosted their price target 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. Desjardins lifted their price objective on shares of Tamarack Valley Energy from C$16.00 to C$16.50 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. Scotiabank set a C$17.00 price target 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 objective on 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 analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$15.08.

Insiders Place Their Bets

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, for a total transaction of C$100,800.00. Following the acquisition, the insider directly owned 104,491 shares in the company, valued at C$1,404,359.04. This represents a 7.73% increase in their ownership of the stock. Also, Director Caralyn Patricia Bennett acquired 36,568 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was acquired at an average price of C$13.26 per share, for a total transaction of C$484,891.68. Following the completion of the acquisition, the director directly owned 169,192 shares of the company’s stock, valued at C$2,243,485.92. The trade was a 27.57% increase in their position. Insiders have purchased 44,458 shares of company stock worth $590,957 over the last three months. 1.32% of the stock is currently owned by insiders.

Tamarack Valley Energy Stock Performance

The stock has a 50 day simple moving average of C$13.65 and a two-hundred day simple moving average of C$12.97. The company has a debt-to-equity ratio of 18.26, a current ratio of 2.30 and a quick ratio of 0.80. The company has a market capitalization of C$7.12 billion, a price-to-earnings ratio of 214.71 and a beta of 0.41.

Tamarack Valley Energy (TSE:TVE) last released its quarterly earnings results 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%. As a group, analysts anticipate that Tamarack Valley Energy Ltd will post 0.14 earnings per share for the current year.

Tamarack Valley Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 30th were given a $0.05 dividend. This is a boost from Tamarack Valley Energy’s previous quarterly dividend of $0.04. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Tamarack Valley Energy’s dividend payout ratio (DPR) is presently 225.24%.

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.