Pi Financial Upgrades Southern Pacific Resource to “Buy” (STP)
Southern Pacific Resource (TSE:STP) was upgraded by equities researchers at Pi Financial from a “neutral” rating to a “buy” rating in a research report issued on Friday, Analyst Ratings.Net reports. The firm currently has a C$1.20 target price on the stock, up from their previous target price of C$0.55. Pi Financial’s price objective indicates a potential upside of 122.22% from the stock’s previous close.
Shares of Southern Pacific Resource (TSE:STP) remained flat at $0.54 during during mid-day trading trading on Friday. The stock had a trading volume of 695,593 shares. Southern Pacific Resource has a 1-year low of $0.31 and a 1-year high of $1.47. The stock’s 50-day moving average is $0.40 and its 200-day moving average is $0.54. The company’s market cap is $214.9 million.
Separately, analysts at RBC Capital reiterated a “sector perform” rating on shares of Southern Pacific Resource (TSE:STP) in a research note to investors on Wednesday, August 21st.
Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Southern Pacific Resource has an average rating of “Hold” and a consensus price target of C$1.30.
Southern Pacific Resource Corp. (TSE:STP) is engaged in the acquisition and development of heavy oil and bitumen producing properties, with a focus on thermal extraction in-situ oil sands projects in the Western Canadian sedimentary basin.
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