Valener Gets a Hold Rating from RBC Capital

By Jason Carr

Wall Street analyst has provided a rating update for the Utilities sector company yesterday, while remaining neutral on the stock. Valener (TSX: VNR) received a Hold rating from RBC Capital’s analyst Robert Kwan, with a C$24 price target.

According to TipRanks.com, Kwan is a top 100 analyst with an average return of 12.2% and a 76.2% success rate. Kwan covers the Utilities sector, focusing on stocks such as Brookfield Infrastructure, Pattern Energy, and TransAlta.

Currently, the analyst consensus on Valener is Hold and the average price target is C$22.75, representing a 0.3% upside.

In a report issued on June 9, Desjardins also reiterated a Hold rating on the stock with a C$22 price target.

Based on Valener’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$0 and quarterly net profit of C$32.67 million. In comparison, last year the company earned revenue of C$0 and had a net profit of C$29.73 million.

Valener, Inc. engages in the production, transportation, storage, and distribution of energy. Through its investments in Gaz Métro and Seigneurie de Beaupré, it provides wind power production in Québec. The company was founded on June 15, 2010 and is headquartered in Montréal, Canada.,00CTJT-E

The company’s shares closed last Friday at $22.69, close to its 52-week high of $23.23.