Stock Watch-In the news
Globe says Fitzmartyn keeps Advantage Energy at "buy"
2022-03-01 08:15 ET - In the News
The Globe and Mail reports in its Tuesday, March 1, edition that Stifel analyst Robert Fitzmartyn has reaffirmed his "buy" recommendation for Advantage Energy. The Globe's David Leeder writes in the Eye On Equities column that Mr. Fitzmartyn lowered his share target to $8.25 from $9.50. Analysts on average at $9.62. Mr. Fitzmartyn says in a note: "Summary Advantage year-end results tracked our estimates, though market reaction was decidedly positive which we attribute to brief allusion to heightened shareholder returns with a share buyback program commencing 2Q22 as our forecast into 2022/2023 is largely unchanged on the receipt of this print. Within its E&P business, Advantage Energy represents an effective pure-play on Montney development with a diversified prospect suite amenable to natural gas, condensate, and/or light crude oil prospectivity. It retains a low-cost structure principally founded on its majority owned and operated Glacier gas plant allowing for lower operational and financial risk in its business plan comparatively across its peer group." The Globe reported on Dec. 9, 2021, that Mr. Fitzmartyn continued to rate Advantage Energy "buy." The shares could then be had for $6.77.
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