Spartan Energy (SPE) Stock Rating Lowered by CIBC

Spartan Energy (TSE:SPE) was downgraded by analysts at CIBC from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday. They presently have a C$6.50 target price on the stock, down from their previous target price of C$8.00. CIBC’s target price points to a potential upside of 3.17% from the stock’s current price.

A number of other equities analysts have also recently issued reports on SPE. National Bank Financial cut Spartan Energy from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$9.00 to C$7.00 in a report on Tuesday. BMO Capital Markets cut Spartan Energy from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from C$7.50 to C$7.00 in a report on Tuesday. Four investment analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and a consensus target price of C$7.20.

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Shares of SPE stock traded up C$0.13 on Tuesday, hitting C$6.30. 3,020,291 shares of the company’s stock were exchanged, compared to its average volume of 1,412,503. Spartan Energy has a 12 month low of C$5.03 and a 12 month high of C$7.80.

Spartan Energy (TSE:SPE) last announced its quarterly earnings data on Thursday, March 15th. The company reported C($0.05) earnings per share for the quarter, missing the consensus estimate of C$0.03 by C($0.08). Spartan Energy had a negative return on equity of 2.47% and a negative net margin of 10.10%. The business had revenue of C$57.91 million for the quarter, compared to the consensus estimate of C$106.60 million.

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Spartan Energy Company Profile

Spartan Energy Corp, formerly Alexander Energy Ltd is a Canada-based oil and natural gas exploration and production company with producing properties focused in Saskatchewan. The Company’s properties include Southeast Saskatchewan, West Central Saskatchewan and Alexander Alberta. The Southeast Saskatchewan property focuses on conventional Mississippian targets, primarily in the Frobisher/Alida and Midale formations.

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