The Globe and Mail reports in its Saturday, Oct. 1, edition that National Bank energy analysts are "constructive" on both medium- and long-term fundamentals in the sector, despite what they call "shorter-term, sentiment-based volatility in the commodity complex." The Globe's David Leeder writes in the Eye On Equities column that the analysts say in a note: "Given the strength of underlying business fundamentals and current valuations, we view the recent pullback as an opportunity to purchase quality equities with an appreciation that volatility is likely to persist through this part of the cycle. With most energy companies positioned with solid balance sheets, return of capital strategies and trading at discounted valuations, investment differentiation becomes difficult. For this reason, we see operational execution and strict capital discipline as key investment drivers as we look out over the next 12 months." The analysts have reaffirmed their "outperform" recommendation for Kelt Exploration, while cutting their share target by $1.50 to $9. Analysts on average target the shares at $10.19. The Globe reported on Feb. 4 and June 17 that National Bank rated Kelt "outperform" when it could be had for $5.68 and $6.42.