Bell Potter analyst Brad Watson maintained a Buy rating on Alkane Resources Ltd (ALKEF – Research Report) on October 18 and set a price target of A$1.00. The company’s shares closed last Friday at $0.40.
Watson covers the Basic Materials sector, focusing on stocks such as Alkane Resources Ltd, Gold Road Resources Ltd, and Mineral Resources Limited. According to TipRanks, Watson has an average return of -3.6% and a 30.43% success rate on recommended stocks.
Currently, the analyst consensus on Alkane Resources Ltd is a Moderate Buy with an average price target of $0.67, which is a 67.50% upside from current levels. In a report released on October 18, Ord Minnett also maintained a Buy rating on the stock with a A$1.10 price target.
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Based on Alkane Resources Ltd’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $0. In comparison, last year the company had a net profit of $0
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Alkane Resources Ltd. is a multi-commodity mining and exploration company. It focuses on gold, copper, zirconium, niobium and rare earths. The company produces and develops zirconium-hafnium, niobium-tantalum, yttrium-rare earths, gold, silver and copper deposits. Its projects include Dubbo Zirconia and Tomingley Gold. Alkane Resources was founded on May 13, 1969 and is headquartered in Burswood, Australia.
