Tamarack Valley Energy Maintained at Outperform by National Bank Following Spending Guidance; Price Target Cut to C$6.00
12:37 PM EST, 12/06/2023 (MT Newswires) -- National Bank Financial on Wednesday reiterated its outperform rating on the shares of Tamarack Valley Energy (TVE.TO) while cutting its price target to C$6.00 from C$7.00 after the Western Canadian oil and gas producer released its 2024 capital spending guidance.
"A solid budget outlook by the company, with discipline continuing to lever high-graded returns towards maximizing free cash and continued momentum to shareholder value through de-leveraging and return of capital; TVE is poised for a 11% return profile (vs. peers 23%) on leverage of 0.5x (vs. peers 0.2x), while trading at 2.3x 2024e EV/DACF (vs. peers 2.2x)," analyst Dan Payne wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 3.14, Change: -0.22, Percent Change: -6.70