The Globe and Mail reports in its Friday, April 5, edition that Stifel analyst Michael Dunn, pointing to recent share price gains, downgraded Perpetual Energy to "sell" from "hold," with a 40-cent share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at 50 cents. Mr. Dunn says in a note: "With the Sequoia litigation soon behind it, Perpetual stands at a crossroads, and will no doubt be considering its options to either continue as a standalone entity or sell itself. With its remaining oil and gas assets primarily being non-operated stakes in Tourmaline-operated Deep basin lands, and its shared staffing and history with Rubellite Energy, those two entities are potential dance partners." The Globe reported on May 10, 2022, that Stifel analyst Robert Fitzmartyn had upgraded Perpetual Energy to "buy" from "hold." The shares could then be had for $1.28.