Peyto Exploration & Development (TSE:PEY) Reaches New 12-Month High – Time to Buy?

Peyto Exploration & Development Corp. (TSE:PEY)’s share price hit a new 52-week high on Wednesday . The stock traded as high as C$26.88 and last traded at C$26.73, with a volume of 87895 shares changing hands. The stock had previously closed at C$26.21.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PEY shares. Scotiabank increased their price target on Peyto Exploration & Development from C$24.00 to C$27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Canadian Imperial Bank of Commerce upgraded shares of Peyto Exploration & Development from a “hold” rating to an “outperform” rating and increased their target price for the company from C$21.00 to C$25.00 in a research report on Tuesday, January 13th. Desjardins upgraded shares of Peyto Exploration & Development from a “hold” rating to a “buy” rating and boosted their price target for the stock from C$23.50 to C$24.50 in a research report on Monday, November 24th. TD Securities increased their price objective on shares of Peyto Exploration & Development from C$23.00 to C$25.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, Canaccord Genuity Group raised their price objective on shares of Peyto Exploration & Development from C$20.00 to C$21.50 in a research note on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Peyto Exploration & Development currently has a consensus rating of “Moderate Buy” and a consensus price target of C$23.30.

Peyto Exploration & Development Price Performance

The company has a market cap of C$5.39 billion, a price-to-earnings ratio of 14.51, a P/E/G ratio of -0.46 and a beta of -0.21. The company has a current ratio of 1.28, a quick ratio of 0.32 and a debt-to-equity ratio of 49.96. The business has a 50-day moving average price of C$23.50 and a 200 day moving average price of C$21.10.

Insiders Place Their Bets

In related news, insider Michael Richard Collens sold 13,000 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of C$21.96, for a total value of C$285,480.00. Following the completion of the transaction, the insider owned 25,000 shares in the company, valued at C$549,000. This trade represents a 34.21% decrease in their position. Also, insider Todd Burdick sold 52,000 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of C$22.21, for a total value of C$1,154,920.00. Following the sale, the insider owned 208,206 shares in the company, valued at approximately C$4,624,255.26. The trade was a 19.98% decrease in their position. Insiders have sold a total of 175,000 shares of company stock worth $3,870,120 over the last three months. Company insiders own 2.36% of the company’s stock.

About Peyto Exploration & Development

Peyto Exploration & Development Corp (Peyto Exploration & Development) is an oil and gas company that involves in the exploration and development of natural gas. The company acquires, explores, develops and produces crude oil and unconventional natural gas reserves.