Tamarack Valley Energy (TSE:TVE) Releases Earnings Results

Tamarack Valley Energy (TSE:TVE) announced its quarterly earnings results on Wednesday. The company reported C$0.28 earnings per share for the quarter, FiscalAI reports. Tamarack Valley Energy had a net margin of 1.50% and a return on equity of 1.34%. The firm had revenue of C$365.81 million for the quarter.

Tamarack Valley Energy Price Performance

Shares of TSE:TVE traded up C$0.11 on Wednesday, hitting C$14.80. The stock had a trading volume of 170,424 shares, compared to its average volume of 2,123,153. The company has a market capitalization of C$7.01 billion, a price-to-earnings ratio of 211.43 and a beta of 0.41. The company has a debt-to-equity ratio of 18.26, a quick ratio of 0.80 and a current ratio of 2.30. The firm’s 50 day moving average price is C$13.75 and its 200-day moving average price is C$12.08. Tamarack Valley Energy has a twelve month low of C$6.06 and a twelve month high of C$15.16.

Tamarack Valley Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 30th were given a dividend of $0.05 per share. This is a boost from Tamarack Valley Energy’s previous quarterly dividend of $0.04. The ex-dividend date was Tuesday, September 15th. This represents a $0.20 annualized dividend and a dividend yield of 1.4%. Tamarack Valley Energy’s dividend payout ratio is 225.24%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group set a C$17.00 price objective on shares of Tamarack Valley Energy and gave the company a “buy” rating in a research note on Tuesday, August 18th. ATB Cormark Capital Markets raised their price target on Tamarack Valley Energy from C$16.00 to C$17.25 and gave the stock an “outperform” rating in a research note on Thursday, October 22nd. Canaccord Genuity Group lifted their price objective on shares of Tamarack Valley Energy from C$15.00 to C$16.00 and gave the company a “buy” rating in a research note on Wednesday, September 9th. Desjardins increased their target price on shares of Tamarack Valley Energy from C$16.00 to C$16.50 and gave the stock a “buy” rating in a research report on Wednesday, September 9th. Finally, Raymond James Financial lifted their price target on shares of Tamarack Valley Energy from C$16.00 to C$17.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. Eleven equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Tamarack Valley Energy has an average rating of “Buy” and a consensus price target of C$15.08.

Insider Transactions at Tamarack Valley Energy

In other Tamarack Valley Energy news, insider Kevin James Johnston purchased 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were acquired at an average cost of C$13.44 per share, for a total transaction of C$100,800.00. Following the transaction, the insider directly owned 104,491 shares in the company, valued at approximately C$1,404,359.04. The trade was a 7.73% increase in their ownership of the stock. Also, Director Caralyn Patricia Bennett purchased 36,568 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The shares were acquired at an average cost of C$13.26 per share, with a total value of C$484,891.68. Following the completion of the acquisition, the director directly owned 169,192 shares in the company, valued at approximately C$2,243,485.92. This represents a 27.57% increase in their ownership of the stock. Over the last 90 days, insiders acquired 44,458 shares of company stock worth $590,957. Company 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.