Raymond James Thinks Kelt Exploration’s Stock is Going to Recover

Kelt Exploration (KELResearch Report), the Materials sector company was revisited today, and remains undervalued for at least one analyst on the street. Analyst Jeremy Mccrea from Raymond James reiterated a Buy rating, with a C$7 price target.

According to TipRanks.com, Mccrea is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.7% and a 24.4% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Painted Pony Petroleum Ltd, Tamarack Valley Energy Ltd, and Freehold Royalties Ltd.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Kelt Exploration with a C$7 average price target, a 78.3% upside from current levels. In a report issued on June 28, GMP FirstEnergy also maintained a Buy rating on the stock with a C$6 price target.

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Based on Kelt Exploration’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$9.37 million. In comparison, last year the company had a net profit of C$1.7 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$3.93, close to its 52-week low of C$3.66.