Scotiabank Upgrades Whitecap Resources (TSE:WCP) to Outperform

Whitecap Resources (TSE:WCP) was upgraded by equities research analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm presently has a C$12.00 price target on the stock. Scotiabank’s target price suggests a potential upside of 36.52% from the stock’s current price.

WCP has been the topic of a number of other research reports. Desjardins cut their price objective on shares of Whitecap Resources from C$12.00 to C$11.50 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. National Bankshares upped their target price on shares of Whitecap Resources from C$14.50 to C$15.00 and gave the stock an “outperform” rating in a research note on Tuesday. CIBC decreased their price target on Whitecap Resources from C$14.50 to C$13.00 in a research report on Thursday, April 10th. Finally, Raymond James lifted their price objective on shares of Whitecap Resources from C$11.50 to C$12.00 and gave the stock an “outperform” rating in a research report on Tuesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$12.88.

Whitecap Resources Price Performance

Whitecap Resources stock opened at C$8.79 on Tuesday. The firm has a market cap of C$5.13 billion, a P/E ratio of 5.93, a P/E/G ratio of -0.33 and a beta of 2.67. Whitecap Resources has a one year low of C$6.87 and a one year high of C$11.31. The company has a debt-to-equity ratio of 21.58, a current ratio of 0.88 and a quick ratio of 0.67. The stock’s 50 day moving average is C$8.35 and its 200 day moving average is C$9.45.

Insider Activity at Whitecap Resources

In other news, Director Grant Bradley Fagerheim bought 30,000 shares of Whitecap Resources stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of C$8.42 per share, with a total value of C$252,600.00. Also, Senior Officer Thanh Chan Kang acquired 9,720 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of C$8.43 per share, for a total transaction of C$81,939.60. Over the last 90 days, insiders bought 123,120 shares of company stock valued at $1,032,336. Corporate insiders own 0.84% of the company’s stock.

Whitecap Resources Company Profile

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.