Wall Street analyst has provided a review for the Services company today, but retained the same rating on the stock. Analyst Derek Dley from Canaccord Genuity reiterated a Buy rating on Parkland Fuel (TSX: PKI), with a C$50 price target.
Dley observed:
“We had the opportunity to host a series of investor meetings and a group presentation with Parkland Fuel CEO Bob Espey and CFO Michael McMillan. We came away from the event with a greater appreciation for Parkland’s merchandise strategy, and its ability to drive 3-5% organic EBITDA growth over the course of our forecast period.”
Dley has an average return of 26.0% when recommending Parkland Fuel.
According to TipRanks.com, Dley is ranked #367 out of 4850 analysts.
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Currently, the analyst consensus on Parkland Fuel is a Strong Buy with an average price target of C$43.67, representing an 8.8% upside. In a report issued on July 25, CIBC also reiterated a Buy rating on the stock with a C$38 price target.
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Based on Parkland Fuel’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$3.78 billion and net profit of C$60 million. In comparison, last year the company had a GAAP net loss of C$1.4 million.
Parkland Fuel Corp. engages in the market and distribution of petroleum products. It delivers gasoline, diesel fuel, lubricants, heating oil and other products to businesses, consumers and wholesale customers. The company operates through the following business segments: Retail Fuels, Commercial Fuels, Parkland USA, Supply and Wholesale; and Corporate.
The company’s shares closed on Thursday at C$40.14, close to its 52-week high of C$40.42.
