RE:RBC says 2024 budget underwhelming I haven't owned this for years, but I thought I would stop in to say that Brian has always done this. I writes conservative budgets. He likes to underpromise and over deliver.
So the market is never disappointed at the end of the year, but it is when the budget comes out. The problem is that lots can happen by the time the final 2024 numbers are tallied and a lot of share price momentum has been wasted on an underwhelming budget to start the year.
So TVE is going to do better than the budget indicates because they often do. But in the meantime, traders have to trade what is in front of them, and this budget did not hit the high notes the market was hoping for.
Seppelt wrote: (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.