Storm Resources Ltd (TSE:SRX) dropped 3.8% during trading on Friday . The company traded as low as C$0.26 and last traded at C$0.27. Approximately 90,320 shares changed hands during trading, an increase of 13% from the average daily volume of 80,256 shares. The stock had previously closed at C$0.26.
SRX has been the topic of a number of analyst reports. GMP Securities dropped their target price on Storm Resources from C$6.25 to C$5.75 in a research report on Thursday, November 16th. Raymond James Financial cut Storm Resources from an “outperform” rating to a “market perform” rating in a research report on Friday, October 13th. Finally, National Bank Financial dropped their target price on 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. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of C$5.57.
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About Storm Resources
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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