Canaccord Genuity Trims Newalta Co. (TSE:NAL) Target Price to C$1.90
Newalta Co. (TSE:NAL) had its price objective reduced by equities researchers at Canaccord Genuity from C$3.00 to C$1.90 in a report released on Tuesday. The brokerage presently has a “speculative buy” rating on the stock. Canaccord Genuity’s price objective would suggest a potential upside of 58.33% from the company’s current price.
Several other brokerages have also commented on NAL. National Bank Financial cut their target price on Newalta from C$2.00 to C$1.75 and set a “sector perform” rating on the stock in a research report on Friday. Scotiabank cut their target price on Newalta from C$2.25 to C$2.00 and set a “sector perform” rating on the stock in a research report on Friday. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of C$2.04.
Newalta (TSE NAL) traded down 11.67% during midday trading on Tuesday, hitting $1.06. The stock had a trading volume of 269,021 shares. The stock’s market capitalization is $93.44 million. The company’s 50 day moving average price is $1.43 and its 200-day moving average price is $1.98. Newalta has a 52 week low of $1.03 and a 52 week high of $2.90.
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Newalta Company Profile
Newalta Corporation is a Canada-based provider of engineered environmental solutions to the oil and gas industry. The Company’s segments include Heavy Oil and Oilfield. The Company’s Heavy Oil segment processes oilfield-generated wastes, including treatment, water disposal, salt cavern disposal, landfilling, and the sale of recovered crude oil.
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