Storm Resources Ltd. (TSE:SRX) shot up 3.7% during mid-day trading on Friday . The stock traded as high as C$0.29 and last traded at C$0.28. 137,222 shares traded hands during trading, an increase of 120% from the average session volume of 62,492 shares. The stock had previously closed at C$0.27.
Several research firms have recently issued reports on SRX. Raymond James Financial cut shares of Storm Resources from an “outperform” rating to a “market perform” rating in a research report on Friday, October 13th. National Bank Financial reduced their price objective on shares of Storm Resources from C$5.75 to C$4.50 and set an “outperform” rating on the stock in a research report on Friday, October 13th. GMP Securities reduced their price objective on shares of Storm Resources from C$6.25 to C$5.75 in a research report on Thursday, November 16th. Finally, BMO Capital Markets reduced their price objective on shares of Storm Resources to C$4.50 and set a “market perform” rating on the stock in a research report on Wednesday, August 16th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Storm Resources currently has a consensus rating of “Hold” and a consensus target price of C$5.57.
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Storm Resources Company Profile
Storm Resources Ltd. acquires, explores, develops, and produces oil, natural gas, and natural gas liquids in Canada. It primarily owns interests in lands covering approximately an area of 109,000 net acres in 155 net sections located in Umbach, as well as interests in 119 sections covering approximately an area of 78,000 net acres situated in Horn River Basin, Northeast British Columbia.
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