The Globe and Mail reports in its Tuesday, March 31, edition that Savanna Energy Services ($1.71) continues to cut costs, making the decision to eliminate its dividend late last week. The Globe's David Kennedy and David Leeder write in the Eye On Equities column that RBC Dominion Securities analyst Dan MacDonald responded by cutting his target price while maintaining his "sector perform" rating. Mr. MacDonald says: "SVY's ongoing efforts to reduce cash outlay are prudent and highlight management's efforts to preserve liquidity in a challenged market. However, it also highlights the underlying concerns we share with investors surrounding its liquidity position and operational results in a challenging oil field services environment." The elimination of its quarterly dividend will save Savanna about $8.1-million in 2015. One further concern the analyst notes is the company's rig reductions. While Mr. MacDonald expects dramatic North American reductions, he says the non-renewal of one Australian rig contract concerns him as he expected "this segment to remain relatively more robust demand wise." Mr. MacDonald cut his target price to $2.50 from $4. Analysts on average target Savanna shares at $2.75.