Spartan Energy (SPE) Downgraded by Raymond James to “Market Perform”

Raymond James downgraded shares of Spartan Energy (TSE:SPE) from an outperform rating to a market perform rating in a research note published on Tuesday. The brokerage currently has C$6.50 price target on the stock, down from their previous price target of C$9.00.

Several other brokerages have also recently issued reports on SPE. BMO Capital Markets cut Spartan Energy from an outperform rating to a market perform rating and dropped their price objective for the stock from C$7.50 to C$7.00 in a research note on Tuesday. National Bank Financial dropped their price objective on Spartan Energy to C$9.00 and set an outperform rating on the stock in a research note on Thursday, April 12th. CIBC increased their price objective on Spartan Energy to C$9.00 in a research note on Tuesday, March 20th. Finally, Scotiabank lowered Spartan Energy from an outperform rating to a tender rating and lowered their target price for the stock from C$13.00 to C$9.00 in a report on Tuesday. Four analysts have rated the stock with a hold rating, The company presently has a consensus rating of Hold and a consensus price target of C$7.20.

Shares of TSE:SPE opened at C$6.67 on Tuesday. Spartan Energy has a 52-week low of C$5.03 and a 52-week high of C$7.65.

Spartan Energy (TSE:SPE) last announced its quarterly earnings data on Thursday, March 15th. The company reported C($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.03 by C($0.08). Spartan Energy had a negative return on equity of 2.47% and a negative net margin of 10.10%. The firm had revenue of C$57.91 million during the quarter, compared to the consensus estimate of C$106.60 million.

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Spartan Energy Company Profile

Spartan Energy Corp, formerly Alexander Energy Ltd is a Canada-based oil and natural gas exploration and production company with producing properties focused in Saskatchewan. The Company’s properties include Southeast Saskatchewan, West Central Saskatchewan and Alexander Alberta. The Southeast Saskatchewan property focuses on conventional Mississippian targets, primarily in the Frobisher/Alida and Midale formations.

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