07:46 AM EDT, 05/03/2021 (MT Newswires) -- RBC Capital Markets raised its price target on Tamarack Valley Energy Ltd. (TVE.TO) to $3.50 from $3.25.
Analyst Luke Davis maintained an Outperform rating on shares of the Calgary-based oil and gas company, and removed his Speculative Risk designation.
"Tamarack's entry into the Charlie Lake light oil play via the acquisition of Anegada isset to drive near-term accretion and an improved FCF profile, though the underlying corporate decline rate has increased," Davis said in a note to clients. "With four 'core' operating areas now in the mix, strong execution will remain at the forefront of the conversation, in our view."
Davis maintained a Sector Perform rating on Baytex Energy Corp. (BTE.TO), removed his Speculative Risk designation, and raised his price target to $1.80 from $1.50.
"Baytex's first-quarter results were reliably solid," the analyst said. "Amid a much improved oil market, the company announced an expanded 2021 capital program and a five-year outlook aimed at optimizing its portfolio. A new exploratory play in the Clearwater could also add some sizzle to the story."
(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: 2.5700, Change: +0.1400, Percent Change: +5.76