CIBC Thinks NuVista Energy’s Stock is Going to Recover

By Ryan Adsit

Yesterday, an analyst has provided a rating update for the Materials sector company, NuVista Energy (NVAResearch Report). Analyst Jamie Kubik from CIBC remains bullish on the stock and has 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.

NuVista Energy has an analyst consensus of Strong Buy, with a price target consensus of C$9.64, which is a 120.1% upside from current levels. In a report issued on November 13, Raymond James also maintained a Buy rating on the stock with a C$12 price target.

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Based on NuVista Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$3.47 million. In comparison, last year the company had a GAAP net loss of C$4.37 million.

NuVista Energy Ltd. is an exploration and production company. It engages in the exploration, development and production of oil and natural gas reserves. The firm focuses on the scalable and repeatable condensate-rich Montney formation in the alberta deep basin. The company was founded on April 7, 2003 and is headquartered in Calgary, Canada.

The company’s shares closed on Thursday at C$4.38, close to its 52-week low of C$4.29.