Tamarack Valley Energy Ltd T.TVE

BMO on TVE - raised to $6

[2021Gamble]

Tamarack Valley Energy Kept at Market Perform by BMO Capital Following Q3 Results; Price Target Raised to C$6.00

 

28 Oct 202211:09 ET

 

11:09 AM EDT, 10/28/2022 (MT Newswires) -- BMO Capital Markets on Friday reiterated its market-perform rating on the shares of Tamarack Valley Energy (TVE.TO) while raising its price target to C$6.00 from C$5.00 after the Western Canadian oil and gas producer reported third-quarter results.

" Although production ticked down q/q due to turnaround-related downtime, cash flow came in higher than expectations. Following the Deltastream acquisition, leverage is relatively high and enhanced shareholder returns are currently on pause, however, we continue to view the transaction as positive, and positions the company for sustainable growth in the highly economic Clearwater play moving forward. We maintain our Market Perform rating with an increased target price of $6.00 (from $5.00)," analyst Mike Murphy noted.

(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)

[Re1ndeer2]

Pretty chinzy Upgrade.....no Understanding of the companies potential....

[BigJake]

I completely agree with you, not much value in an analyst rating if they wait until the company is trading above their target before raising their target by 20%. Meaningless for a company that has trippled it's production in the last 3 years

[ratsnake220]

big jake...i was thinking the same thing about analysts....At least when Nuttall speaks he explains his vision....and yes he has a triple on TVE....but he at least does not hide behind mediocrity.....If you track analysts....i rarely see any that are rated being accurate more than 60% of the time...their failure rate is beyond alarming

[BigJake]

My thoughts exactly, they really want to focus on the debt that TVE took on to do the deltastream deal, but they seem to discount the excess cashflow that will be realized to service that debt. I agree that they will need 80+ oil for a couple of years to make this a great deal but if that materializes this will prove itself to a very smart move, much like the XTO deal that WCP did.