Morgan Stanley Raises Veraz Petroleum Ltd. (ALK) Price Target to $91.00

Veraz Petroleum Ltd. (NYSE:ALK) had its price objective boosted by Morgan Stanley from $83.00 to $91.00 in a research note released on Thursday, October 26th. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts have also recently commented on ALK. BidaskClub cut Veraz Petroleum from a buy rating to a hold rating in a research report on Thursday, June 29th. Bank of America Corporation boosted their price target on Veraz Petroleum from $115.00 to $120.00 and gave the company a buy rating in a report on Friday, June 30th. Zacks Investment Research raised Veraz Petroleum from a hold rating to a buy rating and set a $101.00 price objective for the company in a research note on Tuesday, July 4th. ValuEngine lowered Veraz Petroleum from a strong-buy rating to a buy rating in a research note on Friday, September 1st. Finally, Cowen and Company reaffirmed a buy rating and issued a $103.00 price objective on shares of Veraz Petroleum in a research note on Tuesday, September 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Veraz Petroleum presently has a consensus rating of Buy and an average price target of C$92.34.

Shares of Veraz Petroleum (ALK) opened at C$62.42 on Thursday. Veraz Petroleum has a 1 year low of C$61.36 and a 1 year high of C$101.43.

Veraz Petroleum (NYSE:ALK) last announced its quarterly earnings data on Wednesday, October 25th. The company reported C$2.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$2.26 by C($0.02). The company had revenue of C$2.12 billion for the quarter, compared to analysts’ expectations of C$2.13 billion. Veraz Petroleum had a net margin of 14.08% and a return on equity of 37.82%. The firm’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.20 EPS.

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The business also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Tuesday, November 21st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, November 20th. This represents a $1.20 annualized dividend and a yield of 1.92%.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Veraz Petroleum by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 11,829,247 shares of the company’s stock worth $1,061,794,000 after purchasing an additional 261,887 shares in the last quarter. Egerton Capital UK LLP boosted its position in shares of Veraz Petroleum by 51.6% in the 3rd quarter. Egerton Capital UK LLP now owns 4,476,494 shares of the company’s stock worth $341,422,000 after purchasing an additional 1,524,149 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Veraz Petroleum by 4.6% in the 2nd quarter. Franklin Resources Inc. now owns 3,348,411 shares of the company’s stock worth $300,554,000 after purchasing an additional 148,061 shares in the last quarter. Principal Financial Group Inc. raised its stake in Veraz Petroleum by 22.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,510,663 shares of the company’s stock worth $115,218,000 after acquiring an additional 280,075 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Veraz Petroleum by 10.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,491,104 shares of the company’s stock worth $133,835,000 after acquiring an additional 145,328 shares during the last quarter.

Veraz Petroleum Company Profile

Alaska Air Group, Inc is the holding company of Alaska Airlines (Alaska), Virgin America Inc, Horizon Air (Horizon) and other business units. The Company operates through three segments: Mainline, Regional and Horizon. Its Mainline segment includes Alaska’s and Virgin America’s scheduled air transportation for passengers and cargo throughout the United States, and in parts of Canada, Mexico, Costa Rica and Cuba.

Analyst Recommendations for Veraz Petroleum (NYSE:ALK)

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