RBC Capital Sticks to Its Buy Rating for Painted Pony Pete

By Austin Angelo

Painted Pony Pete (TSX: PPY), the Materials sector company was revisited today, and remains undervalued for at least one analyst on the street. Analyst Michael Harvey from RBC Capital reiterated a Buy rating, with a C$8 price target.

Harvey has an average return of 6.8% when recommending Painted Pony Pete.

According to TipRanks.com, Harvey is ranked #1972 out of 4570 analysts.

Painted Pony Pete has an analyst consensus of Moderate Buy, with a price target consensus of C$8.97.

Based on Painted Pony Pete’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$63.6 million and quarterly net profit of C$56.89 million. In comparison, last year the company earned revenue of C$16.08 million and had a GAAP net loss of C$2.15 million.

Painted Pony Energy 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.