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

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

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

Strathcona Resources Price Performance

TSE SCR opened at C$28.97 on Wednesday. The stock has a market capitalization of C$6.20 billion and a P/E ratio of 16.71. Strathcona Resources has a 1 year low of C$22.75 and a 1 year high of C$37.69. The business’s fifty day moving average is C$27.59 and its two-hundred day moving average is C$28.62. The company has a debt-to-equity ratio of 56.06, a quick ratio of 11.09 and a current ratio of 0.53.

Strathcona Resources Increases Dividend

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

Insider Activity

In related news, Director Connie De Ciancio purchased 3,358 shares of the stock in a transaction dated Tuesday, December 24th. The shares were acquired at an average cost of C$28.77 per share, for a total transaction of C$96,609.66. Also, Senior Officer Allan Grabas purchased 8,802 shares of the stock in a transaction dated Monday, March 10th. The shares were bought at an average price of C$27.47 per share, for a total transaction of C$241,790.94. Insiders have purchased a total of 18,850 shares of company stock worth $548,769 in the last ninety days. Corporate insiders own 91.34% of the company’s stock.

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.