Storm Resources (SRX) Receives a Hold from Raymond James


The Materials sector company, Storm Resources (SRX), has received a rating update from a Wall Street analyst today. Analyst Kurt Molnar from Raymond James remains neutral on the stock and has a C$2.00 price target.

According to TipRanks.com, Molnar is ranked 0 out of 5 stars with an average return of -31.6% and a 12.4% success rate. Molnar covers the Basic Materials sector, focusing on stocks such as Paramount Resources, Vermilion Energy, and Crew Energy.

Storm Resources has an analyst consensus of Moderate Buy, with a price target consensus of C$2.44, an 82.1% upside from current levels. In a report released yesterday, CIBC also maintained a Hold rating on the stock with a $2.00 price target.

Based on Storm Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$7.86 million. In comparison, last year the company had a net profit of C$7.17 million.

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

The company’s shares closed last Wednesday at C$1.33, close to its 52-week low of C$1.14.

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