CIBC Forecasts Strong Price Appreciation for Parkland (TSE:PKI) Stock

Parkland (TSE:PKI) had its price target increased by investment analysts at CIBC from C$48.00 to C$49.00 in a note issued to investors on Wednesday,BayStreet.CA reports. CIBC’s target price suggests a potential upside of 33.37% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Parkland from C$54.00 to C$53.00 in a report on Tuesday, September 17th. Cormark reduced their target price on Parkland from C$53.00 to C$49.00 in a research note on Friday, August 2nd. Scotiabank dropped their price target on Parkland from C$60.00 to C$52.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Desjardins cut their price target on Parkland from C$46.00 to C$44.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Finally, Canaccord Genuity Group decreased their price objective on Parkland from C$47.00 to C$45.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Parkland presently has an average rating of “Buy” and an average target price of C$48.08.

Parkland Stock Performance

TSE:PKI opened at C$36.74 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 1.33 and a debt-to-equity ratio of 206.76. Parkland has a fifty-two week low of C$31.68 and a fifty-two week high of C$47.99. The firm’s fifty day simple moving average is C$34.51 and its 200-day simple moving average is C$36.61. The stock has a market cap of C$6.40 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 11.79 and a beta of 1.33.

Insiders Place Their Bets

In other news, Director Michael Christian Jennings acquired 4,000 shares of the stock in a transaction on Monday, November 4th. The stock was bought at an average price of C$32.02 per share, with a total value of C$128,060.00. 20.51% of the stock is currently owned by insiders.

About Parkland

Parkland Corporation operates food and convenience stores in Canada, the United States, and internationally. The company’s Canada segment owns, supplies, and supports a coast-to-coast network of retail gas stations, electronic vehicle charging stations, frozen food retail locations, convenience stores, cardlock sites, bulk fuel, propane, heating oil, lubricants, and other related services to commercial, industrial, and residential customers; transports and distributes fuel through ships, rail, and highway carriers; and stores fuel in terminals and other owned and leased facilities, as well as engages in the low-carbon activities.