Whitecap Resources (TSE:WCP) Trading 3.2% Higher After Insider Buying Activity

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Shares of Whitecap Resources Inc (TSE:WCP) rose 3.2% on Wednesday after an insider bought additional shares in the company. The stock traded as high as C$3.57 and last traded at C$3.56, approximately 490,920 shares changed hands during mid-day trading. A decline of 79% from the average daily volume of 2,383,389 shares. The stock had previously closed at C$3.45.

Specifically, Senior Officer David Michael Mombourquette bought 11,900 shares of Whitecap Resources stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of C$4.20 per share, with a total value of C$49,980.00. Following the acquisition, the insider now directly owns 291,900 shares of the company’s stock, valued at C$1,225,980. Also, Senior Officer Thanh Chan Kang bought 50,000 shares of Whitecap Resources stock in a transaction on Monday, June 17th. The shares were bought at an average cost of C$4.00 per share, with a total value of C$200,000.00. Following the acquisition, the insider now directly owns 555,728 shares in the company, valued at C$2,222,912. In the last three months, insiders purchased 108,975 shares of company stock valued at $419,742.

A number of research firms have weighed in on WCP. Royal Bank of Canada reduced their target price on Whitecap Resources from C$7.00 to C$6.75 and set an “outperform” rating for the company in a report on Tuesday. National Bank Financial cut their price objective on Whitecap Resources from C$7.50 to C$7.00 and set an “outperform” rating for the company in a report on Tuesday. Raymond James set a C$6.50 price objective on Whitecap Resources and gave the stock a “strong-buy” rating in a report on Tuesday. BMO Capital Markets cut their price objective on Whitecap Resources from C$7.00 to C$6.00 in a report on Tuesday. Finally, CIBC cut their price objective on Whitecap Resources from C$7.50 to C$7.25 in a report on Tuesday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Whitecap Resources has an average rating of “Buy” and a consensus price target of C$8.52.

The company has a quick ratio of 0.81, a current ratio of 0.84 and a debt-to-equity ratio of 39.79. The company has a 50-day simple moving average of C$4.00 and a two-hundred day simple moving average of C$4.57. The stock has a market cap of $1.48 billion and a P/E ratio of 19.00.

The business also recently disclosed a monthly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 15th were given a $0.0285 dividend. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $0.34 annualized dividend and a yield of 9.45%. This is an increase from Whitecap Resources’s previous monthly dividend of $0.03. Whitecap Resources’s payout ratio is presently 172.11%.

About Whitecap Resources (TSE:WCP)

Whitecap Resources Inc acquires and develops petroleum and natural gas properties in Canada. Its principal properties are located in West Central Alberta, Northwest Alberta and British Columbia, Southeast Saskatchewan, West Central Saskatchewan, and Southeast Saskatchewan. Whitecap Resources Inc is headquartered in Calgary, Canada.

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