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National Bank Financial’s Dan Payne increased his target for shares of Kiwetinohk Energy Corp. to $27.50 from $25, exceeding the $24.20 average, following the release of its preliminary 2023 guidance. He maintained an “outperform” rating.
“Corporate update and preliminary guidance serve to highlight the company’s embedded and on-going value creation; KEC is a poised for a 76-per-cent return profile (vs. peers 33 per cent) on leverage of 0.1 times (vs. peers negative 0.5 times), while trading at 1.4 times 2023 estimated EV/DACF (vs. peers 2.7 times),” he said.
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