Desjardins Forecasts Strong Price Appreciation for Tamarack Valley Energy (TSE:TVE) Stock

Tamarack Valley Energy (TSE:TVE) had its target price hoisted by Desjardins from C$8.50 to C$8.75 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. Desjardins’ target price would suggest a potential upside of 7.76% from the company’s previous close.

A number of other analysts have also issued reports on the company. ATB Capital increased their target price on Tamarack Valley Energy from C$7.25 to C$9.00 and gave the company an “outperform” rating in a report on Thursday. Canaccord Genuity Group increased their price objective on Tamarack Valley Energy from C$6.75 to C$8.00 in a research note on Thursday. BMO Capital Markets lifted their target price on Tamarack Valley Energy from C$9.00 to C$11.00 in a research note on Friday, November 21st. Acumen Capital increased their price target on shares of Tamarack Valley Energy from C$7.25 to C$7.50 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Raymond James Financial raised their price target on shares of Tamarack Valley Energy from C$6.50 to C$7.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$8.60.

Tamarack Valley Energy Trading Up 0.7%

TVE stock traded up C$0.06 during mid-day trading on Thursday, reaching C$8.12. 904,337 shares of the stock traded hands, compared to its average volume of 1,947,351. Tamarack Valley Energy has a 52-week low of C$3.10 and a 52-week high of C$8.32. The stock’s fifty day moving average is C$6.61 and its 200-day moving average is C$5.64. The company has a market cap of C$3.99 billion, a P/E ratio of -47.76 and a beta of 0.79. The company has a current ratio of 0.73, a quick ratio of 0.80 and a debt-to-equity ratio of 34.61.

Tamarack Valley Energy (TSE:TVE) last released its quarterly earnings results on Friday, October 31st. The company reported C($0.50) earnings per share (EPS) for the quarter. The firm had revenue of C$406.32 million for the quarter. Tamarack Valley Energy had a net margin of 13.48% and a return on equity of 9.89%. As a group, sell-side analysts expect that Tamarack Valley Energy will post 0.1386527 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Shannon Joseph purchased 16,129 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were bought at an average price of C$6.32 per share, with a total value of C$101,935.28. Following the completion of the transaction, the director directly owned 38,328 shares in the company, valued at C$242,232.96. This trade represents a 72.66% increase in their position. 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.