BMO on TVE - raised to $6 Tamarack Valley Energy Kept at Market Perform by BMO Capital Following Q3 Results; Price Target Raised to C$6.00
11:09 AM EDT, 10/28/2022 (MT Newswires) -- BMO Capital Markets on Friday reiterated its market-perform rating on the shares of Tamarack Valley Energy (TVE.TO) while raising its price target to C$6.00 from C$5.00 after the Western Canadian oil and gas producer reported third-quarter results.
" Although production ticked down q/q due to turnaround-related downtime, cash flow came in higher than expectations. Following the Deltastream acquisition, leverage is relatively high and enhanced shareholder returns are currently on pause, however, we continue to view the transaction as positive, and positions the company for sustainable growth in the highly economic Clearwater play moving forward. We maintain our Market Perform rating with an increased target price of $6.00 (from $5.00)," analyst Mike Murphy noted.
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