Canaccord Genuity Thinks Whitecap Resources’ Stock is Going to Recover

By Carrie Williams

Wall Street analyst has provided a review for the Materials company today, but retained the same rating on the stock. Analyst Anthony Petrucci from Canaccord Genuity reiterated a Buy rating on Whitecap Resources (TSX: WCP), with a C$13 price target.

According to TipRanks.com, Petrucci is ranked 0 out of 5 stars with an average return of -3.3% and a 26.1% success rate. Petrucci covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Crescent Point Energy, and Bellatrix Exploration.

Whitecap Resources has an analyst consensus of Strong Buy, with a price target consensus of C$14.18.

Based on Whitecap Resources’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$204 million and quarterly net profit of C$59.53 million. In comparison, last year the company earned revenue of C$97.44 million and had a net profit of C$1.61 million.

Whitecap Resources, Inc. engages in the acquisition, development, optimization, and production of crude oil and natural gas. It holds interest in Peace River Arch, Deep Basin, Boundary Lake, Southwest Alberta and Pembina, Elnora and West Central Saskatchewan properties. The company was founded on June 3, 2008 and is headquartered in Calgary, Canada.

The company’s shares closed last Wednesday at $9.16, close to its 52-week low of $9.12.