Raymond James Thinks Whitecap Resources’ Stock is Going to Recover

Shares of Whitecap Resources (WCPResearch Report) were revisited by a Wall Street analyst today. Analyst Jeremy Mccrea from Raymond James rated Whitecap Resources (WCPResearch Report) a Buy, setting a C$6.50 price target.

According to TipRanks.com, Mccrea is ranked 0 out of 5 stars 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 Whitecap Resources with a C$7 average price target, a 58.0% upside from current levels. In a report issued on July 9, Canaccord Genuity also maintained a Buy rating on the stock with a C$7.50 price target.

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Based on Whitecap Resources’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$52.56 million. In comparison, last year the company had a GAAP net loss of C$3.62 million.

Whitecap Resources, Inc. engages in the acquisition, development, and production of crude oil and natural gas. Its projects include Boundary Lake, Valhalla North, Elmworth, Wapiti, West and East Pembina, Ferrier, Elnora, Garrington, Kerrobert, and Lucky Hills. The company was founded on June 3, 2008 and is headquartered in Calgary, Canada.

The company’s shares closed on Thursday at C$4.43, close to its 52-week low of C$3.80.