Scotiabank’s Analyst Provides Guidance for This Canadian Energy Stock

Bonavista Energy (TSX: BNP), the Materials sector company, has received a rating update from a Wall Street analyst on March 3. On March 3, analyst Patrick Bryden gave a Buy rating to BNP and set a C$6 price target.

According to TipRanks.com, Bryden is ranked 0 out of 5 stars with an average return of -5.3% and a 34.3% success rate. Bryden covers the Basic Materials sector, focusing on stocks such as Pengrowth Energy Corp, Baytex Energy Corp, and Enerplus Corp.

Currently, the analyst consensus on Bonavista Energy is Moderate Buy and the average price target is C$6.29, representing a 90.9% upside.

In a report issued on March 6, GMP FirstEnergy also upgraded the stock to Buy with a C$5.75 price target.

Bonavista Energy’s market cap is currently C$885.5M and has a P/E ratio of 0.

Bonavista Energy Corp. explores, develops and produces oil and natural gas in Canada. Its major properties are concentrated within three core regions in western Canada. The company’s Western core region operations offer multi-zone oil and liquids rich natural gas resources in close proximity to infrastructure and services, with year round access. Its Northern core region is characterized by a production base with a significant inventory of undeveloped acreage. The company’s Eastern region is characterized by low risk development opportunities offering capital flexibility leading to modest production growth. Bonavista Energy was founded in 1997 and is headquartered in Calgary, Canada.