Strathcona Resources (TSE:SCR) Raised to “Strong-Buy” at Scotiabank

Scotiabank upgraded shares of Strathcona Resources (TSE:SCR) to a strong-buy rating in a research report released on Wednesday,Zacks.com reports.

Several other brokerages also recently issued reports on SCR. CIBC upped their price target on shares of Strathcona Resources from C$35.00 to C$37.00 in a report on Friday, January 17th. Atb Cap Markets lowered Strathcona Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Jefferies Financial Group raised their price target on Strathcona Resources from C$30.00 to C$32.00 in a research report on Monday, December 16th. TD Securities decreased their price objective on Strathcona Resources from C$32.00 to C$29.00 and set a “hold” rating on the stock in a research note on Thursday, March 6th. Finally, Royal Bank of Canada dropped their price objective on Strathcona Resources from C$35.00 to C$34.00 and set a “sector perform” rating for the company in a research report on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$35.50.

Strathcona Resources Stock Performance

Shares of SCR opened at C$28.97 on Wednesday. The company has a quick ratio of 11.09, a current ratio of 0.53 and a debt-to-equity ratio of 56.06. Strathcona Resources has a 52-week low of C$22.75 and a 52-week high of C$37.69. The company has a 50-day simple moving average of C$27.59 and a 200-day simple moving average of C$28.62. The company has a market capitalization of C$6.20 billion and a PE ratio of 16.71.

Strathcona Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 31st will be issued a $0.26 dividend. This is a boost from Strathcona Resources’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.04 annualized dividend and a yield of 3.59%. Strathcona Resources’s payout ratio is 57.67%.

Insider Buying and Selling

In other news, Senior Officer Allan Grabas acquired 8,802 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was bought at an average cost of C$27.47 per share, with a total value of C$241,790.94. Also, Director Connie De Ciancio acquired 3,358 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were acquired at an average price of C$28.77 per share, for a total transaction of C$96,609.66. In the last ninety days, insiders have bought 18,850 shares of company stock valued at $548,769. 91.34% of the stock is currently owned by company insiders.

Strathcona Resources Company Profile

Strathcona Resources Ltd. acquires, explores, develops, and produces petroleum and natural gas reserves in Canada. It operates through three segments: Cold Lake Thermal, Lloydminster Heavy Oil, and Montney. The Cold Lake Thermal segment includes three producing assets in the Cold Lake region of Northern Alberta; and Lindbergh, Orion, and Tucker.