Storm Resources (TSE:SRX) Lowered to Sector Perform at National Bank Financial

Storm Resources (TSE:SRX) was downgraded by National Bank Financial from an “outperform” rating to a “sector perform” rating in a research note issued on Wednesday, BayStreet.CA reports. They presently have a C$2.25 price objective on the stock, down from their previous price objective of C$2.75. National Bank Financial’s price objective would indicate a potential upside of 56.25% from the stock’s current price.

Several other research analysts also recently weighed in on SRX. Raymond James dropped their target price on Storm Resources from C$5.00 to C$4.75 and set a “strong-buy” rating on the stock in a research note on Wednesday, May 15th. GMP Securities dropped their target price on Storm Resources from C$4.00 to C$3.75 in a research note on Friday, June 28th. Royal Bank of Canada dropped their target price on Storm Resources from C$3.00 to C$2.50 in a research note on Thursday, July 18th. Finally, CIBC dropped their target price on Storm Resources from C$3.25 to C$2.50 in a research note on Thursday, July 18th.

Shares of TSE:SRX traded down C$0.16 on Wednesday, reaching C$1.44. The company had a trading volume of 8,551 shares, compared to its average volume of 92,075. Storm Resources has a 52-week low of C$1.29 and a 52-week high of C$3.16. The business has a 50 day moving average of C$1.68. The firm has a market capitalization of $194.49 million and a price-to-earnings ratio of 5.52. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 22.64.

Storm Resources Company Profile

Storm Resources Ltd. operates as a crude oil and natural gas exploration and development company in Canada. The company primarily owns interest in lands covering an area of 121,000 net acres in 172 net sections located in Umbach, Nig, and Fireweed areas of Northeast British Columbia. As of December 31, 2018, it had 182,370 thousand barrels of oil equivalent of total proved plus probable reserves.

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