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Raymond James Remains a Buy on Storm Resources (SRX)


Storm Resources (TSXV: SRX), the Materials sector company, has received a rating update from a Wall Street analyst today. Analyst Kurt Molnar from Raymond James rated Storm Resources (TSXV: SRX) a Buy, setting a C$3.80 price target.

According to TipRanks.com, Molnar is ranked #4595 out of 4886 analysts.

Currently, the analyst consensus on Storm Resources is a Strong Buy with an average price target of C$3.83, a 45.6% upside from current levels. In a report issued on September 20, RBC Capital also reiterated a Buy rating on the stock with a C$3.50 price target.

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Based on Storm Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$2.82 million. In comparison, last year the company had a net profit of C$682K.

Storm Resources Ltd. is a development company, which engages in the exploration, acquisition, and development of oil, natural gas and natural gas liquids reserves. It focuses on the selective combination of exploratory and development drilling with strategic asset and corporate acquisitions.

The company’s shares closed on Friday at C$2.63.