Storm Resources (TSE:SRX) Lowered to Sector Perform at National Bank Financial

Storm Resources (TSE:SRX) was downgraded by stock analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating in a research report issued on Wednesday, BayStreet.CA reports. They currently have a C$2.25 price target on the stock, down from their previous price target of C$2.75. National Bank Financial’s price target points to a potential upside of 56.25% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. GMP Securities cut their target price on Storm Resources from C$4.00 to C$3.75 in a research note on Friday, June 28th. Raymond James cut their target price on Storm Resources from C$5.00 to C$4.75 and set a “strong-buy” rating on the stock in a research note on Wednesday, May 15th. Royal Bank of Canada cut their target price on Storm Resources from C$3.00 to C$2.50 in a research note on Thursday, July 18th. Finally, CIBC cut their target price on Storm Resources from C$3.25 to C$2.50 in a research note on Thursday, July 18th.

Shares of TSE SRX traded down C$0.16 during trading on Wednesday, reaching C$1.44. The company had a trading volume of 8,551 shares, compared to its average volume of 92,075. Storm Resources has a 12-month low of C$1.29 and a 12-month high of C$3.16. The stock has a market cap of $194.49 million and a PE ratio of 5.52. The business’s 50-day moving average is C$1.68. The company has a debt-to-equity ratio of 22.64, a quick ratio of 0.74 and a current ratio of 0.76.

About Storm Resources

Storm Resources Ltd. operates as a crude oil and natural gas exploration and development company in Canada. The company primarily owns interest in lands covering an area of 121,000 net acres in 172 net sections located in Umbach, Nig, and Fireweed areas of Northeast British Columbia. As of December 31, 2018, it had 182,370 thousand barrels of oil equivalent of total proved plus probable reserves.

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