PrimeWest Energy Trust upgraded to “BUY”
PrimeWest Energy Trust upgraded to “BUY”
NEW YORK, January 15 (newratings.com) – Analysts at Canaccord Adams upgrade Prime West Energy Trust (NYSE:PWI) from “hold” to “buy.” The target price has been reduced from C$25.00 to C$24.00.
In a research note published this morning, the analysts mention that the downward revision in the target price reflects the lowered commodity price outlook. Prime West Energy Trust has completed the financing of 6.4 million trust units for $23.35 per unit as well as $200 million in 6.50% convertible debentures for net proceeds of $334 million, the analysts say. The company would deploy the net proceeds for debt reduction, Canaccord Adams adds.
Other information
Last Trade: 18.85
Trade Time: 3:59PM ET 01/18/2007
Change: 0.10 (0.53%)
Prev Close: 18.95
Open: 18.95
Bid: N/A
Ask: N/A
1y Target Est: 22.04
Day’s Range: 18.66 – 19.10
52wk Range: 17.01 – 32.90
Volume: 539,500
Avg Vol (3m): 799,453
Market Cap: 1.58B
P/E (ttm): 6.47
EPS (ttm): 2.91
Div & Yield: 2.61 (14.00%)
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Filed under: Canadian Income Trust, Finance, General, Income Trust, Stocks Tagged: General
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