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RBC Capital Sticks to Its Buy Rating for Storm Resources (SRX)


Storm Resources (TSXV: SRX), the Materials sector company, was revisited by a Wall Street analyst yesterday. RBC Capital’s analyst Michael Harvey reiterates their Buy rating on the shares, with a C$3.50 price target.

Harvey has an average return of 14.8% when recommending Storm Resources.

According to TipRanks.com, Harvey is ranked #1009 out of 4879 analysts.

Currently, the analyst consensus on Storm Resources is a Strong Buy with an average price target of C$4.

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$9.75 million.

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$2.41.