Canaccord Genuity Sticks to Its Buy Rating for Gen III Oil Corporation

By Jason Carr

Gen III Oil Corporation (TSXV: GIII), the NA sector company was revisited today, and remains undervalued for at least one analyst on the street. The company received a Buy rating from Canaccord Genuity’s analyst Kimberly Hedlin, with a C$1.50 price target.

According to TipRanks.com, Hedlin is ranked #852 out of 4830 analysts.

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Gen III Oil Corporation has an analyst consensus of Moderate Buy, with a price target consensus of C$1.50.

Based on Gen III Oil Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$2.23 million. In comparison, last year the company had a GAAP net loss of C$775.8K.

GEN III Oil Corp. operates as an oil processing company. It offers re-refining which uses motor oil that captures limited amount of lubricating oil produced from virgin crude and transforms it back into base lubricating oil. The company project include Bowden, which is located in Alberta.

The company’s shares closed on Wednesday at C$0.59.