Tamarack Valley Energy (TSE:TVE) Reaches New 1-Year High – Here’s What Happened

Tamarack Valley Energy Ltd (TSE:TVE) reached a new 52-week high on Wednesday . The company traded as high as C$14.05 and last traded at C$14.04, with a volume of 1841287 shares traded. The stock had previously closed at C$13.56.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Roth Capital set a C$15.00 price objective on Tamarack Valley Energy and gave the stock a “buy” rating in a report on Tuesday, May 19th. Jefferies Financial Group set a C$17.00 target price on Tamarack Valley Energy and gave the company a “buy” rating in a research note on Tuesday, August 18th. Canaccord Genuity Group raised Tamarack Valley Energy from a “hold” rating to a “buy” rating and upped their target price for the stock from C$12.00 to C$15.00 in a research report on Friday, May 29th. Raymond James Financial raised their price target on Tamarack Valley Energy from C$15.00 to C$16.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Finally, Desjardins set a C$16.00 price target on Tamarack Valley Energy and gave the company a “buy” rating in a research note on Friday, July 17th. Ten equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Tamarack Valley Energy currently has a consensus rating of “Buy” and an average price target of C$13.70.

Tamarack Valley Energy Stock Performance

The firm has a market cap of C$6.43 billion, a price-to-earnings ratio of 193.29 and a beta of 0.26. The firm’s 50 day moving average is C$13.14 and its 200-day moving average is C$12.20. The company has a debt-to-equity ratio of 18.26, a quick ratio of 0.80 and a current ratio of 2.30.

Tamarack Valley Energy (TSE:TVE) last posted its earnings results on Tuesday, July 28th. The company reported C$0.43 earnings per share for the quarter. Tamarack Valley Energy had a return on equity of 1.34% and a net margin of 1.50%.The company had revenue of C$493.95 million for the quarter. Sell-side analysts anticipate that Tamarack Valley Energy Ltd will post 0.1386527 earnings per share for the current fiscal year.

Tamarack Valley Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.5%. This is a positive change from Tamarack Valley Energy’s previous quarterly dividend of $0.04. Tamarack Valley Energy’s payout ratio is currently 225.24%.

Insider Transactions at Tamarack Valley Energy

In related news, Director Shannon Joseph bought 27,521 shares of Tamarack Valley Energy stock in a transaction that occurred on Tuesday, June 16th. The stock was purchased at an average cost of C$12.56 per share, for a total transaction of C$345,663.76. Following the acquisition, the director owned 66,376 shares in the company, valued at C$833,682.56. This trade represents a 70.83% increase in their ownership of the stock. Also, Director Robert Spitzer sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of C$13.02, for a total value of C$130,200.00. Following the sale, the director directly owned 424,442 shares of the company’s stock, valued at C$5,526,234.84. The trade was a 2.30% decrease in their position. Corporate insiders own 1.32% of the company’s stock.

About Tamarack Valley Energy

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.