Tamarack Valley Energy (TSE:TVE) Reaches New 12-Month High – Should You Buy?

Tamarack Valley Energy Ltd (TSE:TVE) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$9.96 and last traded at C$9.93, with a volume of 349941 shares. The stock had previously closed at C$9.69.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Canadian Imperial Bank of Commerce lifted their target price on Tamarack Valley Energy from C$8.00 to C$9.00 and gave the company an “outperform” rating in a research note on Thursday, December 4th. Raymond James Financial lowered Tamarack Valley Energy from a “moderate buy” rating to a “hold” rating in a report on Tuesday, December 9th. Canaccord Genuity Group lifted their price objective on shares of Tamarack Valley Energy from C$6.75 to C$8.00 in a research note on Thursday, December 4th. BMO Capital Markets increased their target price on shares of Tamarack Valley Energy from C$9.00 to C$11.00 in a research report on Friday, November 21st. Finally, Desjardins raised their target price on shares of Tamarack Valley Energy from C$8.50 to C$8.75 and gave the company a “buy” rating in a research note on Thursday, December 4th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Tamarack Valley Energy has an average rating of “Moderate Buy” and a consensus target price of C$8.92.

Tamarack Valley Energy Stock Performance

The stock has a market cap of C$4.86 billion, a price-to-earnings ratio of -58.76 and a beta of 0.87. The company’s 50-day simple moving average is C$8.49 and its 200-day simple moving average is C$7.02. The company has a quick ratio of 0.80, a current ratio of 0.73 and a debt-to-equity ratio of 34.61.

Tamarack Valley Energy Company Profile

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.