Upgrade National Bank Financial’s Dan Payne increased his Kiwetinohk Energy Corp. target to $20 from $18, maintaining an “outperform” rating. The average is $19.75.
“A unique & opportunistic acceleration of capital plans should serve to augment its value profile through the upstream lens, while the embedded energy transition call option remains intact; KEC is poised for a 60-per-cent return profile (vs. peers 47 per cent) on leverage of 0.1 times (vs. peers negative 0.5 times), while trading at 1.6 times 2023 estimated EV/DACF (vs. peers 3.3 times),” he said.