GMP FirstEnergy Reiterates a Hold Rating on Newalta

By Austin Angelo

Wall Street analyst has provided a review for the Materials company today, but retained the same rating on the stock. GMP FirstEnergy’s analyst Anoop Prihar reiterates their Hold rating on the shares of Newalta (TSX: NAL), with a C$1.70 price target.

According to TipRanks.com, Prihar is ranked #752 out of 4592 analysts.

Currently, the analyst consensus on Newalta is Moderate Buy and the average price target is C$2.64, representing a 70.3% upside.

In a report issued on June 22, Scotiabank also maintained a Hold rating on the stock with a C$3 price target.

Based on Newalta’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$60.81 million and GAAP net loss of C$14.48 million. In comparison, last year the company earned revenue of C$48.67 million and had a GAAP net loss of C$41.24 million.

Newalta Corp. provides engineered environmental solutions that enable customers to reduce disposal, enhance recycling, and recover resources from industrial residues. It markets its products to oil, natural gas, petrochemical, refining, lead, manufacturing and mining industries. The company operates through the Heavy Oil and Oilfield segments.

The company’s shares closed on Monday at $1.55, close to its 52-week high of $2.90.