Cormark Comments on Storm Resources Ltd’s Q3 2018 Earnings (SRX)

Storm Resources Ltd (TSE:SRX) – Analysts at Cormark lifted their Q3 2018 earnings estimates for shares of Storm Resources in a research note issued to investors on Wednesday, September 12th, according to Zacks Investment Research. Cormark analyst G. Ursu now forecasts that the company will post earnings per share of $0.10 for the quarter, up from their previous estimate of $0.09. Cormark also issued estimates for Storm Resources’ Q1 2019 earnings at $0.12 EPS, Q2 2019 earnings at $0.08 EPS, Q4 2019 earnings at $0.14 EPS and FY2019 earnings at $0.40 EPS.

Storm Resources (TSE:SRX) last posted its quarterly earnings results on Tuesday, August 14th. The company reported C$0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.12 by C($0.03). The firm had revenue of C$46.14 million during the quarter, compared to analyst estimates of C$40.20 million.

Several other research firms have also issued reports on SRX. CIBC raised their price target on Storm Resources from C$3.00 to C$3.25 in a research report on Friday, July 20th. Raymond James raised their price target on Storm Resources from C$4.25 to C$4.50 and gave the stock an “outperform” rating in a research report on Wednesday, August 15th. Finally, Industrial Alliance Securities raised their price target on Storm Resources from C$3.75 to C$4.50 in a research report on Wednesday, August 15th.

Shares of TSE:SRX traded down C$0.05 during midday trading on Thursday, hitting C$2.71. The company had a trading volume of 20,300 shares, compared to its average volume of 91,852. Storm Resources has a 12 month low of C$0.20 and a 12 month high of C$3.30.

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. Storm Resources Ltd. was incorporated in 2010 and is headquartered in Calgary, Canada.

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