BMO Initiate Coverage Calling it a “gem of the Clearwater,” BMO Nesbitt Burns analyst Mike Murphy initiated coverage of Rubellite Energy Inc. with an “outperform” rating and $6 target, exceeding the $5.38 average on the Street.
“Rubellite provides investors with pure play exposure to the Clearwater, which we consider to be the most economic and fastest growing conventional oil play in Western Canada,” he said. “Additionally, we see Rubellite as having the depth and quality of inventory to deliver best-in-class production per share growth in the coming years, with significant upcoming exploration catalysts to unlock upside potential.”