The Globe and Mail reports in its Friday, Sept. 29, edition that TD Securities analyst Menno Hulshof rates Athabasca Oil "hold" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hulshof targets the shares at $4.50. Analysts on average target the shares at $4.56. Mr. Hulshof says in a note: "Athabasca Oil not only survived the 2020 crash, but we believe it also emerged the strongest it has ever been. In our view, the balance sheet is pristine (anticipates exiting Q3/23 with $415-million of liquidity) and shareholder capital returns are competitive (75 per cent of excess cash flow in 2023). We believe it also offers economic growth optionality (Leismer expansions) and is advantaged from a royalty/cash-taxation perspective. However, with the recent share-price rally (up 104 per cent trailing-12-months), our $4.50 target price and 9-per-cent target return point to a 'hold' rating." 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. The Globe reported on Sept. 14 that Stifel analyst Michael Dunn rated Athabasca Oil "buy." It was then worth $3.88.