Tamarack Valley Energy Maintained at Market Perform at BMO After Clearwater Infrastructure Sale; Price Target Kept at C$3.75
12:16 PM EST, 12/14/2023 (MT Newswires) -- BMO Capital Markets on Thursday maintained its market-perform rating on the shares of Tamarack Valley Energy (TVE.TO) and its C$3.75 price target after the Western Canadian oil and gas producer sold a majority stake in infrastructure serving the Clearwater heavy-oil field in Alberta to an indigenous investment group.
"With the effective sale of certain midstream assets, Tamarack has accelerated the timeframe for achieving its $900 million net debt target which we now expect by year-end. Leverage has been reduced to 1.0x 2024E D/CF on strip from 1.2x, and we look forward to expanded shareholder returns in the new year. In the context of the relatively weak commodity backdrop, we maintain our Market Perform rating and target price of $3.75," analyst Mike Murphy wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 3.09, Change: +0.16, Percent Change: +5.65