TD Securities Thinks Painted Pony Pete’s Stock is Going to Recover

By Ryan Adsit

In a new note to investors on May 17, an analyst has provided a rating update for the Materials sector company, Painted Pony Pete (TSX: PPY). Analyst Juan Jarrah from TD Securities reiterated a Buy rating, with a C$12 price target on May 17.

Jarrah observed:

“We are resuming coverage following the corporate acquisition of UGR Blair Creek Ltd., an offsetting Montney pureplay in northeast B.C.”

According to TipRanks.com, Jarrah is ranked #4010 out of 4560 analysts.

Currently, the analyst consensus on Painted Pony Pete is Moderate Buy and the average price target is C$8.97, representing a 74.5% upside.

In a report issued on May 8, RBC Capital also reiterated a Buy rating on the stock with a C$9 price target.

Painted Pony Pete’s market cap is currently C$514.8M and has a P/E ratio of 0.

Painted Pony Petroleum Ltd. is a Calgary-based exploration and development company It focuses on natural gas in northeast British Columbia and light crude oil in southeast Saskatchewan. The company was founded on April 3, 2007 and is headquartered in Calgary, Canada.

The company’s shares closed last Thursday at $5.14, close to its 52-week low of $4.70.