Scotiabank Issues Pessimistic Forecast for Parkland (TSE:PKI) Stock Price

Parkland (TSE:PKI) had its price objective cut by Scotiabank from C$60.00 to C$52.00 in a report issued on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other brokerages have also weighed in on PKI. JPMorgan Chase & Co. dropped their price objective on shares of Parkland from C$54.00 to C$53.00 in a report on Tuesday, September 17th. Canaccord Genuity Group dropped their price target on Parkland from C$47.00 to C$45.00 and set a “buy” rating on the stock in a research note on Friday. CIBC cut their price objective on Parkland from C$50.00 to C$48.00 and set an “outperform” rating on the stock in a report on Friday. Cormark decreased their target price on Parkland from C$53.00 to C$49.00 in a report on Friday, August 2nd. Finally, BMO Capital Markets dropped their target price on Parkland from C$49.00 to C$46.00 in a research report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$47.38.

Parkland Stock Performance

Shares of Parkland stock opened at C$32.18 on Friday. The firm has a market capitalization of C$5.60 billion, a P/E ratio of 15.11, a PEG ratio of 11.79 and a beta of 1.33. Parkland has a 52 week low of C$31.88 and a 52 week high of C$47.99. The company has a quick ratio of 0.73, a current ratio of 1.33 and a debt-to-equity ratio of 206.76. The company has a 50 day moving average price of C$35.22 and a 200 day moving average price of C$37.62.

Parkland Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 20th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend was Thursday, September 19th. Parkland’s dividend payout ratio (DPR) is presently 65.73%.

Insider Activity

In other Parkland news, Director Michael Christian Jennings purchased 4,000 shares of the stock in a transaction on Monday, November 4th. The shares were bought at an average price of C$32.02 per share, for a total transaction of C$128,060.00. In related news, Director Michael Christian Jennings acquired 4,000 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were acquired at an average cost of C$32.02 per share, with a total value of C$128,060.00. Also, Senior Officer Marcel Teunissen bought 1,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were bought at an average cost of C$36.52 per share, with a total value of C$36,520.00. Insiders own 20.51% of the company’s stock.

About Parkland

Parkland Corporation operates food and convenience stores in Canada, the United States, and internationally. The company’s Canada segment owns, supplies, and supports a coast-to-coast network of retail gas stations, electronic vehicle charging stations, frozen food retail locations, convenience stores, cardlock sites, bulk fuel, propane, heating oil, lubricants, and other related services to commercial, industrial, and residential customers; transports and distributes fuel through ships, rail, and highway carriers; and stores fuel in terminals and other owned and leased facilities, as well as engages in the low-carbon activities.