RBC says 2024 budget underwhelming (MT Newswires) -- RBC Capital Markets said Monday that Tamarack Valley Energy Ltd. (TVE.TO)'s 2024 budget was underwhelming given the company's mixed messaging including in its dual budget.
RBC also cited Tamarack's lighter-than-anticipated production outlook.
According to RBC, Tamarack's operational execution has been challenged for the majority of 2023, which would weigh on investor sentiment for the foreseeable future.
"While management remains focused on improving operational sustainability, we believe aggressively entering early-stage resource plays has proven more challenging to operate and continues to command higher non-productive capital spend than initially anticipated," RBC said.