Today, an analyst has provided a rating update for the NA sector company, Gen III Oil Corporation (TSXV: GIII). The company received a Buy rating from Canaccord Genuity’s analyst Kimberly Hedlin, with a C$1.20 price target.
Hedlin observed:
“We believe today’s press release continues to demonstrate the commercial viability of Gen III’s re-refining technology. Thus far, cost estimates for the project appear to be within range, while Group III yields of 55% (from 50%) have been validated by a highly respected specialist in solvent extraction. Improved Group III yields should also provide slightly higher revenues (~$3 MM per year based on our current base oil price estimates).”
According to TipRanks.com, Hedlin is ranked #946 out of 4866 analysts.
Gen III Oil Corporation has an analyst consensus of Moderate Buy, with a price target consensus of C$1.20.
Based on Gen III Oil Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$2.23 million. In comparison, last year the company had a GAAP net loss of C$1.81 million.
GEN III Oil Corp. operates as an oil processing company. It offers re-refining which uses motor oil that captures limited amount of lubricating oil produced from virgin crude and transforms it back into base lubricating oil. The company project include Bowden, which is located in Alberta.
The company’s shares closed on Monday at C$0.41, close to its 52-week low of C$0.37.
