Tamarack Valley Energy (TSE:TVE) Hits New 12-Month High – Here’s What Happened

Tamarack Valley Energy Ltd (TSE:TVE)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$4.59 and last traded at C$4.57, with a volume of 3056868 shares. The stock had previously closed at C$4.43.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TVE shares. CIBC boosted their price objective on Tamarack Valley Energy from C$5.50 to C$5.75 and gave the company an “outperform” rating in a report on Friday, November 1st. Royal Bank of Canada boosted their price target on shares of Tamarack Valley Energy from C$4.50 to C$5.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Acumen Capital upped their price objective on shares of Tamarack Valley Energy from C$5.50 to C$6.00 and gave the stock a “buy” rating in a report on Friday, November 1st. BMO Capital Markets upgraded shares of Tamarack Valley Energy from a “market perform” rating to an “outperform” rating in a report on Friday, October 4th. Finally, National Bankshares upped their target price on shares of Tamarack Valley Energy from C$6.75 to C$7.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Tamarack Valley Energy has a consensus rating of “Moderate Buy” and an average target price of C$5.23.

Tamarack Valley Energy Price Performance

The business has a 50-day moving average price of C$4.10 and a 200 day moving average price of C$3.89. The stock has a market cap of C$2.49 billion, a PE ratio of 19.26 and a beta of 2.49. The company has a current ratio of 0.90, a quick ratio of 0.80 and a debt-to-equity ratio of 41.72.

Tamarack Valley Energy Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.0127 per share. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Tamarack Valley Energy’s previous monthly dividend of $0.01. This represents a $0.15 annualized dividend and a yield of 3.33%. Tamarack Valley Energy’s dividend payout ratio is 65.22%.

Insider Transactions at Tamarack Valley Energy

In related news, Senior Officer Christine Ezinga purchased 13,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of C$3.99 per share, for a total transaction of C$51,870.00. 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.