Painted Pony Pete Ltd PDPYF

The Globe and Mail reports

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The Globe and Mail reports in its Thursday edition that Raymond James has increased its price assumptions for crude oil for 2020 and 2021 to account for recent moves in forward futures prices, while also trimming its assumptions for natural gas pricing.

The Globe's Darcy Keith and Roma Luciw write in the Eye On Equities column that as a result, Raymond James made a rating change to Painted Pony Energy (47 cents) (all figures Canadian unless otherwise stated).

For 2020, James is now assuming West Texas Intermediate pricing of $38.56 (U.S.) per barrel of oil versus $33.25 (U.S.)/bbl prior. For 2021, it is now assuming $41.38 (U.S.)/bbl versus $35.57 (U.S.)/bbl prior. Longer term, it now assumes pricing of $50 (U.S.)/bbl versus $45.00 (U.S.)/bbl previously.

Accordingly, James upgraded Painted Pony to "outperform" from "market perform." It raised its share target to 80 cents from 75 cents.

The Globe reported on Oct. 3, 2019, that National Bank had upgraded Painted Pony to "sector perform" from "underperform." The shares were then worth 63.5 cents. The Globe reported on Feb. 3, 2020, that Desjardins analysts had reiterated their "hold" on Painted Pony when it could be had for 57 cents.