CIBC Thinks Kelt Exploration’s Stock is Going to Recover

By Carrie Williams

In a new note to investors yesterday, an analyst has provided a rating update for Kelt Exploration (KELResearch Report). The company received a Buy rating from CIBC’s analyst Jamie Kubik, with a C$9 price target.

According to TipRanks.com, Kubik has 0 stars on 0-5 star ranking scale with an average return of -15.7% and a 26.6% success rate. Kubik covers the Basic Materials sector, focusing on stocks such as Paramount Resources Ltd, Freehold Royalties Ltd, and PrairieSky Royalty Ltd.

Currently, the analyst consensus on Kelt Exploration is a Strong Buy with an average price target of C$9.71, implying a 95.8% upside from current levels. In a report issued on November 12, Raymond James also maintained a Buy rating on the stock with a C$11.50 price target.

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Based on Kelt Exploration’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$3.63 million. In comparison, last year the company had a GAAP net loss of C$10.65 million.

Kelt Exploration Ltd. is an oil and gas company, which engages in the exploration, development, and production of crude oil and natural gas resources. It operates in the area of Grande Prairie in northwestern Alberta and Fort St. John in northeastern British Columbia. The company was founded on October 11, 2012 and is headquartered in Calgary, Canada.

The company’s shares closed on Thursday at C$4.96, close to its 52-week low of C$4.55.