Whitecap Resources (TSE:WCP) Upgraded to Strong-Buy at Raymond James Financial

Whitecap Resources (TSE:WCP) was upgraded by equities researchers at Raymond James Financial from a “moderate buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage currently has a C$13.00 price target on the stock, up from their previous price target of C$12.00. Raymond James Financial’s price objective suggests a potential upside of 40.69% from the stock’s current price.

Several other research analysts also recently commented on WCP. Desjardins downgraded shares of Whitecap Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, June 3rd. Scotiabank raised shares of Whitecap Resources from a “sector perform” rating to an “outperform” rating and set a C$12.00 price target for the company in a research note on Thursday, May 22nd. National Bankshares raised their price objective on Whitecap Resources from C$14.50 to C$15.00 and gave the company an “outperform” rating in a research note on Thursday, May 22nd. CIBC lowered their target price on Whitecap Resources from C$14.50 to C$13.00 in a research note on Thursday, April 10th. Finally, National Bank Financial upgraded Whitecap Resources to a “strong-buy” rating in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of C$13.00.

Whitecap Resources Price Performance

Shares of Whitecap Resources stock opened at C$9.24 on Thursday. The firm has a market capitalization of C$5.39 billion, a PE ratio of 6.23, a price-to-earnings-growth ratio of -0.33 and a beta of 2.67. The company has a current ratio of 0.88, a quick ratio of 0.67 and a debt-to-equity ratio of 21.58. Whitecap Resources has a 12 month low of C$6.87 and a 12 month high of C$11.31. The business’s 50-day moving average price is C$8.70 and its 200-day moving average price is C$9.13.

Insiders Place Their Bets

In related news, Director Grant Bradley Fagerheim purchased 15,000 shares of Whitecap Resources stock in a transaction that occurred on Friday, May 9th. The shares were bought at an average price of C$8.06 per share, for a total transaction of C$120,900.00. Also, insider Whitecap Resources Inc. sold 619,983 shares of Whitecap Resources stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of C$8.72, for a total value of C$5,406,251.76. In the last ninety days, insiders purchased 65,000 shares of company stock worth $529,430. 0.84% of the stock is currently owned by corporate insiders.

About Whitecap Resources

Whitecap Resources Inc is engaged in the business of acquiring, developing, and holding interests in petroleum and natural gas properties and assets. The company acquires assets with discovered petroleum initially in place and low current recovery factors. Light oil is the primary byproduct of Whitecap’s Canadian assets.