Spartan Energy (SPE) Stock Rating Lowered by Scotiabank

Spartan Energy (TSE:SPE) was downgraded by stock analysts at Scotiabank from an “outperform” rating to a “tender” rating in a research report issued to clients and investors on Tuesday. They currently have a C$9.00 price target on the stock, down from their previous price target of C$13.00. Scotiabank’s price target would suggest a potential upside of 42.86% from the stock’s current price.

Other research analysts have also issued research reports about the company. CIBC raised their target price on Spartan Energy to C$9.00 in a report on Tuesday, March 20th. National Bank Financial lowered Spartan Energy from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from C$9.00 to C$7.00 in a report on Tuesday. Finally, BMO Capital Markets lowered Spartan Energy from an “outperform” rating to a “market perform” rating and dropped their target price for the company from C$7.50 to C$7.00 in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus price target of C$7.20.

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TSE:SPE traded up C$0.13 on Tuesday, hitting C$6.30. The stock had a trading volume of 3,020,291 shares, compared to its average volume of 1,412,503. Spartan Energy has a 52 week low of C$5.03 and a 52 week high of C$7.80.

Spartan Energy (TSE:SPE) last announced its quarterly earnings results on Thursday, March 15th. The company reported C($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.03 by C($0.08). Spartan Energy had a negative return on equity of 2.47% and a negative net margin of 10.10%. The firm had revenue of C$57.91 million during the quarter, compared to the consensus estimate of C$106.60 million.

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Spartan Energy Company Profile

Spartan Energy Corp, formerly Alexander Energy Ltd is a Canada-based oil and natural gas exploration and production company with producing properties focused in Saskatchewan. The Company’s properties include Southeast Saskatchewan, West Central Saskatchewan and Alexander Alberta. The Southeast Saskatchewan property focuses on conventional Mississippian targets, primarily in the Frobisher/Alida and Midale formations.

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