On October 10, 2023, shares of Spartan Delta Corp. (TSE:SDE) soared to a new 52-week high after an upgrade from Desjardins, which raised its price target from C$8.00 to C$8.50. During trading, the stock peaked at C$8.08 before closing at C$7.71, with a trading volume of 342,179 shares. The previous closing price was C$7.58.
Analysts Boost Price Targets
Following Desjardins’ upgrade, several other financial institutions also revised their price targets for Spartan Delta. BMO Capital Markets increased its price objective from C$7.50 to C$9.00 in a report released on the same day. Similarly, CIBC raised its target from C$6.25 to C$9.00 on October 15, 2023.
National Bankshares echoed this sentiment, lifting its price goal from C$7.50 to C$9.00 while assigning an “outperform” rating. TD Securities set a more optimistic target of C$9.50, designating the stock as a “buy.”
Additionally, Scotiabank adjusted its price target from C$7.50 to C$8.00 in a report dated October 9, 2023. The stock has garnered varied ratings, with two analysts rating it as a Strong Buy, three as Buy, and one as Hold. According to MarketBeat.com, Spartan Delta currently holds an average rating of “Buy” with a consensus target price of C$8.86.
Company Overview
Spartan Delta Corp. is an oil and gas exploration and production company based in Alberta, Canada. The firm focuses on the exploration, development, and production of petroleum and natural gas properties, primarily operating in the Peace River Arch and Central Alberta regions.
The recent surge in share price reflects positive sentiment from analysts, indicating confidence in the company’s future performance. Investors are keenly watching how these upgrades will impact Spartan Delta’s market presence as it continues to navigate the volatile energy sector.
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