Desjardins Following a pair of Permian acquisitions from private sellers for $112-million, CIBC’s Jamie Kubik moved his target forFreehold Royalties Ltd. to $16.75 from $16.50 with a “neutral” rating, while Desjardins Securities’ Chris MacCulloch increased his target to $19.25 from $18.75 with a “buy” rating. The average is $18.55.
‘”Although the deal metrics were a touch on the richer side, we view the transactions positively to the extent that they were inventory- and counterparty- accretive and financed without issuing equity,” he said. “The acquisitions are scheduled to close next month, prior to the release of 4Q23 financial results and 2024 guidance on February 28, 2024.”