NuVista Energy Gets a Buy Rating from Canaccord Genuity

By Jason Carr

The Materials sector company, NuVista Energy (TSX: NVA), has received a rating update from a Wall Street analyst yesterday. The company received a Buy rating from Canaccord Genuity’s analyst Sam Roach, with a C$9 price target.

Roach noted:

“We are closing our short-term trade idea (link), as the catalyst has now passed; however, we continue to believe NuVista is well-positioned to thrive in the longer term, driven by a planned 25% production growth next year.”

According to TipRanks.com, Roach is a 1-star analyst with an average return of -0.1% and a 44.2% success rate. Roach covers the Basic Materials sector, focusing on stocks such as Abraxas Petroleum Corp, Obsidian Energy Ltd, and NuVista Energy Ltd.

Currently, the analyst consensus on NuVista Energy is Strong Buy and the average price target is C$8.89, representing a 10.8% upside.

In a report issued on October 25, RBC Capital also reiterated a Buy rating on the stock with a C$9 price target.

The company has a one-year high of C$8.02 and a one-year low of C$5.33. Currently, NuVista Energy has an average volume of 406.1K.

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 Tuesday at C$8.02, equals to its 52-week high of C$8.02.