CIBC Cuts Strathcona Resources (TSE:SCR) Price Target to C$33.00

Strathcona Resources (TSE:SCR) had its target price reduced by CIBC from C$37.00 to C$33.00 in a report published on Thursday morning,BayStreet.CA reports.

Other research analysts have also recently issued reports about the company. Royal Bank of Canada reduced their price target on Strathcona Resources from C$35.00 to C$34.00 and set a “sector perform” rating for the company in a research report on Thursday, March 6th. Jefferies Financial Group raised their target price on shares of Strathcona Resources from C$30.00 to C$32.00 in a research note on Monday, December 16th. TD Securities dropped their price target on shares of Strathcona Resources from C$32.00 to C$29.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Atb Cap Markets cut shares of Strathcona Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Scotiabank upgraded shares of Strathcona Resources to a “strong-buy” rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Strathcona Resources currently has an average rating of “Moderate Buy” and an average price target of C$35.00.

Strathcona Resources Trading Up 1.6 %

Shares of TSE:SCR opened at C$24.54 on Thursday. The stock has a market capitalization of C$5.25 billion and a PE ratio of 14.15. The company’s 50-day moving average price is C$26.95 and its two-hundred day moving average price is C$28.47. The company has a debt-to-equity ratio of 56.06, a current ratio of 0.53 and a quick ratio of 11.09. Strathcona Resources has a one year low of C$22.75 and a one year high of C$37.69.

Strathcona Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were given a $0.26 dividend. The ex-dividend date was Friday, March 21st. This is a positive change from Strathcona Resources’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 4.24%. Strathcona Resources’s dividend payout ratio is presently 57.67%.

Insider Buying and Selling

In other news, Senior Officer Allan Grabas acquired 8,802 shares of the stock in a transaction on Monday, March 10th. The shares were purchased at an average price of C$27.47 per share, for a total transaction of C$241,790.94. Also, Senior Officer Dale George Babiak bought 6,410 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were purchased at an average cost of C$31.50 per share, with a total value of C$201,915.00. In the last 90 days, insiders purchased 16,212 shares of company stock valued at $467,706. Company insiders own 91.34% of the company’s stock.

About Strathcona Resources

Strathcona Resources Ltd. acquires, explores, develops, and produces petroleum and natural gas reserves in Canada. It operates through three segments: Cold Lake Thermal, Lloydminster Heavy Oil, and Montney. The Cold Lake Thermal segment includes three producing assets in the Cold Lake region of Northern Alberta; and Lindbergh, Orion, and Tucker.