Scotiabank Issues Positive Forecast for Strathcona Resources (TSE:SCR) Stock Price

Strathcona Resources (TSE:SCR) had its target price upped by Scotiabank from C$35.00 to C$37.00 in a research note issued on Friday,BayStreet.CA reports. Scotiabank’s price target would suggest a potential upside of 14.23% from the company’s previous close.

A number of other equities analysts have also issued reports on SCR. Royal Bank of Canada reduced their target price on shares of Strathcona Resources from C$37.00 to C$34.00 in a research report on Tuesday, September 17th. TD Securities upped their price target on Strathcona Resources from C$30.00 to C$31.00 in a research note on Friday. Finally, Jefferies Financial Group reduced their target price on Strathcona Resources from C$35.00 to C$30.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$36.13.

Strathcona Resources Stock Performance

SCR traded down C$0.11 during trading on Friday, reaching C$32.39. 42,067 shares of the company’s stock were exchanged, compared to its average volume of 40,224. Strathcona Resources has a fifty-two week low of C$20.16 and a fifty-two week high of C$37.69. The company has a quick ratio of 11.09, a current ratio of 0.53 and a debt-to-equity ratio of 50.29. The company has a market capitalization of C$6.94 billion and a P/E ratio of 7.53. The business has a 50 day moving average price of C$27.95 and a 200 day moving average price of C$30.61.

Strathcona Resources (TSE:SCR) last issued its earnings results on Tuesday, August 13th. The company reported C$1.43 EPS for the quarter. The company had revenue of C$992.90 million for the quarter, compared to the consensus estimate of C$978.00 million. Strathcona Resources had a net margin of 11.62% and a return on equity of 12.32%. As a group, analysts predict that Strathcona Resources will post 2.8494405 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Navjeet Dhillon purchased 3,455 shares of the company’s stock in a transaction on Monday, August 19th. The shares were purchased at an average cost of C$31.75 per share, with a total value of C$109,696.25. Also, Senior Officer Scott Seipert purchased 5,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of C$30.50 per share, for a total transaction of C$152,500.00. 91.34% of the stock is owned by corporate insiders.

About Strathcona Resources

Strathcona Resources Ltd. acquires, explores, develops, and produces petroleum and natural gas reserves in Canada. It operates through three segments: Cold Lake Thermal, Lloydminster Heavy Oil, and Montney. The Cold Lake Thermal segment includes three producing assets in the Cold Lake region of Northern Alberta; and Lindbergh, Orion, and Tucker.