Equities research firm Macquarie Equities Research maintained its rating of OUTPERFORM and its target share price of C$5.50 for junior exploration and production company Storm Resources. Storm opened on Wednesday, August 24, at C$4.25 and closed at C$4.10 the previous day. During the last 52 weeks, the stock bottomed out at C$3.60 and peaked at C$5.50.

The junior exploration and production company reported its 2Q 2011 results on August 17, which were in line with Macquarie's estimates. Cash Flow Per Share (CFPS) for the quarter was C$0.03, which mirrored the research firm's predictions. Production was 595 barrels of oil equivalent per day, which was higher than the 575 barrels of oil equivalent per day that was originally forecast. One metric that fell below expectations was capital spending, which was C$2.0 million instead of the C$4.3 million that was originally predicted.

Even though production is expected to decrease in 3Q as a result of weather conditions and 2011 CFPS was consequently revised down to C$0.12 from C$0.10, Macquarie maintained its OUTPERFORM rating, citing management's strong track record of building value.