AltaCorp Captial Thinks Whitecap Resources’ Stock is Going to Recover

By Jason Carr

Whitecap Resources (TSX: WCP), the Materials sector company, has received a rating update from a Wall Street analyst on December 4. The company received a Buy on December 4 from AltaCorp Captial’s analyst Thomas Matthews, with a C$12.50 price target.

Matthews has an average return of 19.2% when recommending Whitecap Resources.

According to TipRanks.com, Matthews is ranked #551 out of 4729 analysts.

Currently, the analyst consensus on Whitecap Resources is Strong Buy and the average price target is C$12.39, representing a 42.9% upside.

In a report issued on December 4, Scotiabank also maintained a Buy rating on the stock with a C$13.50 price target.

Based on Whitecap Resources’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$201 million and quarterly net profit of C$3.69 million. In comparison, last year the company earned revenue of C$151 million and had a net profit of C$6.35 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 on Wednesday at C$8.67, close to its 52-week low of C$8.42.