Scotiabank Forecasts Strong Price Appreciation for Peyto Exploration & Development (TSE:PEY) Stock

Peyto Exploration & Development (TSE:PEY) had its target price raised by equities research analysts at Scotiabank from C$24.00 to C$27.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 13.78% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Desjardins upgraded Peyto Exploration & Development from a “hold” rating to a “buy” rating and raised their price target for the stock from C$23.50 to C$24.50 in a research report on Monday, November 24th. Cibc Captl Mkts upgraded shares of Peyto Exploration & Development from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 13th. Canaccord Genuity Group boosted their target price on shares of Peyto Exploration & Development from C$20.00 to C$21.50 in a research report on Friday, November 14th. TD Securities upped their price target on shares of Peyto Exploration & Development from C$23.00 to C$25.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, CIBC upgraded shares of Peyto Exploration & Development from a “neutral” rating to an “outperform” rating and increased their price target for the stock from C$21.00 to C$25.00 in a research report on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Peyto Exploration & Development presently has a consensus rating of “Moderate Buy” and an average target price of C$23.30.

Peyto Exploration & Development Trading Down 0.9%

Shares of TSE:PEY opened at C$23.73 on Wednesday. The business’s 50 day simple moving average is C$22.45 and its 200 day simple moving average is C$20.34. Peyto Exploration & Development has a 1 year low of C$14.57 and a 1 year high of C$24.39. The company has a debt-to-equity ratio of 49.96, a current ratio of 1.28 and a quick ratio of 0.32. The company has a market capitalization of C$4.79 billion, a P/E ratio of 12.90, a P/E/G ratio of -0.46 and a beta of -0.46.

Insider Activity at Peyto Exploration & Development

In related news, insider Michael Richard Collens sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of C$21.96, for a total transaction of C$285,480.00. Following the completion of the transaction, the insider directly owned 25,000 shares in the company, valued at C$549,000. This represents a 34.21% decrease in their position. Also, Director Jean-Paul Henri Lachance sold 74,000 shares of the stock in a transaction that occurred on Thursday, November 27th. The shares were sold at an average price of C$22.00, for a total transaction of C$1,628,000.00. Following the completion of the transaction, the director directly owned 501,731 shares of the company’s stock, valued at approximately C$11,038,082. The trade was a 12.85% decrease in their position. Insiders sold a total of 337,400 shares of company stock worth $7,383,580 in the last ninety days. Insiders own 2.36% of the company’s stock.

Peyto Exploration & Development Company Profile

Peyto Exploration & Development Corp (Peyto Exploration & Development) is an oil and gas company that involves in the exploration and development of natural gas. The company acquires, explores, develops and produces crude oil and unconventional natural gas reserves.