The Globe and Mail reports in its Friday, April 4, edition that Canaccord Genuity analyst Mike Mueller elevated Pine Cliff Energy to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mueller continues to target the shares at 90 cents. Analysts on average target the shares at $1.04. Mr. Mueller says in a note: "With its 2024 capital program being at minimal levels of approximately $2.5-million in light of weak natural gas prices, Pine Cliff Energy expects to spend $23.5-million this year including AROs [asset retirement obligations] (or $16-million excluding AROs). While production guidance was not provided with the release, we note that the increased capital spend will be weighted to H2/25 with production guidance expected later this year as timing of its drill program is firmed up. ... Given the increased capital this year, Pine Cliff Energy has elected to reduce its dividend to 1.5 cents/share (annualized). ... On an annual basis, the new dividend implies a commitment of $5.4-million. This is a marked shift from prior levels of $21.5-million." Mr. Mueller calls the dividend cut "prudent and particularly rational looking at forward AECO pricing into next year."