Slate Office REIT (TSE:SOT.UN) Cut to “Underperform” at BMO Capital Markets

Slate Office REIT (TSE:SOT.UN) was downgraded by equities researchers at BMO Capital Markets from a “sector perform” rating to an “underperform” rating in a research note issued on Wednesday, BayStreet.CA reports. They currently have a C$0.30 price target on the stock, down from their previous price target of C$0.70. BMO Capital Markets’ price target suggests a potential upside of 30.43% from the company’s previous close.

SOT.UN has been the subject of a number of other research reports. Royal Bank of Canada downgraded Slate Office REIT from a “sector perform” rating to an “underperform” rating and decreased their target price for the company from C$0.70 to C$0.30 in a report on Wednesday. CIBC cut Slate Office REIT from a “neutral” rating to an “underperform” rating in a research note on Wednesday. TD Securities cut their target price on Slate Office REIT from C$0.80 to C$0.75 in a research note on Wednesday, April 24th. Finally, Cormark dropped their price objective on Slate Office REIT from C$0.80 to C$0.65 in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to MarketBeat.com, Slate Office REIT currently has an average rating of “Reduce” and an average target price of C$0.64.

Slate Office REIT Trading Down 34.3 %

SOT.UN stock traded down C$0.12 during midday trading on Wednesday, hitting C$0.23. The company had a trading volume of 406,488 shares, compared to its average volume of 63,077. The company has a current ratio of 0.51, a quick ratio of 0.14 and a debt-to-equity ratio of 234.35. Slate Office REIT has a 52 week low of C$0.22 and a 52 week high of C$2.02. The stock’s 50 day moving average price is C$0.59 and its 200 day moving average price is C$0.72. The stock has a market cap of C$18.41 million, a price-to-earnings ratio of -0.14 and a beta of 0.93.

Slate Office REIT Company Profile

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 43 strategic and well-located real estate assets located primarily across Canada's major population centres including one downtown asset in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions.