The Globe and Mail reports in its Thursday, Sept. 14, edition that Stifel analyst Michael Dunn commenced coverage on Athabasca Oil with a "buy" recommendation and $5 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $4.39. Mr. Dunn says in a note: "With a rapidly improved balance sheet that should be in a net cash position by month-end, the nearing 5 mbbl/d expansion at Leismer, recent lasting improvements to Hangingstone's margins, an attractive Duvernay position, our outlook for $700-million ($1.22 per share) of FCF [free cash flow] over the next two years at the strip, the recent commencement of share buybacks, and a relatively low institutional shareholder following currently, we expect institutional investors will be taking a fresh look at the stock. From a macro perspective, Athabasca fits our view that the biggest beneficiaries of the nearing start-up of the TMX pipeline will be those Canadian heavy oil producers with no export pipeline commitment." The Globe reported on July 28 that RBC Capital analyst Luke Davis had reaffirmed his "sector perform" recommendation for Athabasca Oil. Its shares could then be had for $3.42.