Canaccord Adams Raises Price Target On BlackPearl Resources (PXX)

Analysts at Canaccord Adams raised their price target on shares of BlackPearl Resources (TSE:PXX) today to $3.50 from $3.40. The firm has a Buy rating on the stock. During the current trading session, the shares have lost 0.70% and are exchanging hands for $2.85 on the Toronto Stock Exchange. BlackPearl (PXX) has acquired an additional 20% stake in the Blackrod heavy oil property for $21 million and now controls 100% of the project.

According to the analysts, this purchase will be accretive immediately. BlackPearl currently has a market cap of $746.77 million. The company is engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves located in North America, and mainly heavy oil in North America.