Strathcona Resources (TSE:SCR) Rating Increased to Strong-Buy at Scotiabank

Scotiabank upgraded shares of Strathcona Resources (TSE:SCR) to a strong-buy rating in a report issued on Wednesday morning,Zacks.com reports.

SCR has been the topic of several other research reports. Atb Cap Markets cut shares of Strathcona Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Royal Bank of Canada lowered their price target on Strathcona Resources from C$35.00 to C$34.00 and set a “sector perform” rating on the stock in a report on Thursday, March 6th. CIBC boosted their target price on shares of Strathcona Resources from C$35.00 to C$37.00 in a research note on Friday, January 17th. Jefferies Financial Group upped their target price on shares of Strathcona Resources from C$30.00 to C$32.00 in a report on Monday, December 16th. Finally, TD Securities decreased their target price on shares of Strathcona Resources from C$32.00 to C$29.00 and set a “hold” rating on the stock in a research note on Thursday, March 6th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Strathcona Resources currently has an average rating of “Moderate Buy” and an average target price of C$35.50.

Strathcona Resources Stock Performance

Shares of TSE SCR opened at C$28.97 on Wednesday. The stock has a market cap of C$6.20 billion and a price-to-earnings ratio of 16.71. The company has a current ratio of 0.53, a quick ratio of 11.09 and a debt-to-equity ratio of 56.06. Strathcona Resources has a 1-year low of C$22.75 and a 1-year high of C$37.69. The stock’s 50-day moving average is C$27.59 and its 200 day moving average is C$28.62.

Strathcona Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 31st will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 21st. This is a boost from Strathcona Resources’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 3.59%. Strathcona Resources’s dividend payout ratio is currently 57.67%.

Insiders Place Their Bets

In other news, Senior Officer Allan Grabas purchased 8,802 shares of the stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of C$27.47 per share, with a total value of C$241,790.94. Also, Director Connie De Ciancio bought 3,358 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was purchased at an average price of C$28.77 per share, for a total transaction of C$96,609.66. In the last three months, insiders bought 18,850 shares of company stock worth $548,769. Corporate insiders own 91.34% of the company’s stock.

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.