The Globe and Mail reports in its Thursday, Sept. 24, edition that RBC Dominion Securities analyst Michael Harvey rates Spartan Delta "outperform" in new coverage. The Globe's David Leeder writes that Mr. Harvey, believing Spartan's premium valuation is "warranted," set a share target of $17. Analysts on average target the shares at $15.75. Mr. Harvey thinks Spartan should "sustain (and could potentially expand) its premium multiple given a premium land position within the West Shale Duvernay alongside a seasoned and aligned team." Mr. Harvey says in a note: "Substantial remaining inventory sets the stage for above-average organic growth and a high likelihood of future M&A, in our opinion. ... The Spartan team has a proven track record of value creation in the E&P space -- consistently early movers in core plays with a history of well-timed entries and exits. Management and directors own 12 per cent of basic shares outstanding, which we believe creates strong alignment with other shareholders. To illustrate its historical long-term value creation, an initial investment in the original Spartan Oil in 2010 and rolled through all subsequent Spartans would have translated to an approximate 50 times pretax return."