Storm Resources (TSE:SRX) Downgraded by National Bank Financial

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

Other analysts have also recently issued research reports about the company. CIBC decreased their target price on Storm Resources from C$3.25 to C$2.50 in a report on Thursday, July 18th. Raymond James decreased their price target on Storm Resources from C$5.00 to C$4.75 and set a “strong-buy” rating for the company in a report on Wednesday, May 15th. GMP Securities decreased their price target on Storm Resources from C$4.00 to C$3.75 in a report on Friday, June 28th. Finally, Royal Bank of Canada decreased their price target on Storm Resources from C$3.00 to C$2.50 in a report on Thursday, July 18th.

Shares of TSE SRX traded down C$0.16 on Wednesday, reaching C$1.44. 8,551 shares of the company traded hands, compared to its average volume of 92,075. Storm Resources has a fifty-two week low of C$1.29 and a fifty-two week high of C$3.16. The firm’s 50 day moving average is C$1.68. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 22.64. The company has a market capitalization of $194.49 million and a PE ratio of 5.52.

About Storm Resources

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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