BMO Capital Believes TORC Oil & Gas (TSX: TOG) Still Has Room to Grow

By Ryan Adsit

In a new note to investors yesterday, an analyst has provided a rating update for the Materials sector company, TORC Oil & Gas (TSX: TOG). Analyst Ray Kwan from BMO Capital rated TORC Oil & Gas (TSX: TOG) a Buy, setting a C$8.50 price target.

According to TipRanks.com, Kwan is ranked 0 out of 5 stars with an average return of -6.5% and a 41.6% success rate. Kwan covers the Basic Materials sector, focusing on stocks such as Pengrowth Energy Corp, Enerplus Corp, and Encana Corp.

Currently, the analyst consensus on TORC Oil & Gas is Strong Buy and the average price target is C$8.90, representing a 16.2% upside.

In a report issued on January 8, Canaccord Genuity also reiterated a Buy rating on the stock with a C$10 price target.

TORC Oil & Gas’ market cap is currently C$1.45B and has a P/E ratio of 754.

TORC Oil & Gas Ltd. is an exploration company. It engages in the acquisition, exploration, development and production of crude oil and natural gas in Western Canada. The company was founded on March 23, 2010 and is headquartered in Calgary, Canada.

The company’s shares closed on Thursday at C$7.66, close to its 52-week high of C$7.91.