UndervaluedThe analyst sees Kelt Exploration Ltd. (KEL-T), Crew Energy Inc. (CR-T), and potentially Spartan Delta Corp. (SDE-T) as possible candidates to be taken over, and at premium valuations, due to their large Montney land positions and relatively low valuations. Meanwhile, he says Advantage Oil & Gas Ltd. (AAV-T) and Birchcliff Energy Ltd. (BIR-T) hold well delineated Montney land and extensive infrastructure positions that he thinks are materially undervalued in the market
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-wednesdays-analyst-upgrades-and-downgrades-216/