BMO Capital Thinks Spartan Energy’s Stock is Going to Recover

By Austin Angelo

In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Spartan Energy (TSX: SPE). BMO Capital’s analyst Ray Kwan reiterates their Buy rating on the shares, with a C$3.25 price target.

According to TipRanks.com, Kwan is ranked 0 out of 5 stars with an average return of -11.0% and a 27.4% success rate. Kwan covers the Basic Materials sector, focusing on stocks such as Pengrowth Energy Corp, Enerplus Corp, and Encana Corp.

Currently, the analyst consensus on Spartan Energy is Strong Buy and the average price target is C$3.90, representing a 96.0% upside.

In a report issued on June 5, Desjardins also reiterated a Buy rating on the stock with a C$4 price target.

Spartan Energy’s market cap is currently C$1.04B and has a P/E ratio of 0.

Spartan Energy Corp. is a oil and natural gas exploration and production company with producing properties in Alberta. It current projects include Southeast Saskatchewan, West Central Saskatchewan, Alberta, Manitoba and North Dakota. The company was founded on December 12, 1988 and is headquartered in Calgary, Canada.

The company’s shares closed last Friday at $1.99, close to its 52-week low of $1.95.