The Globe and Mail reports in its Wednesday, Jan. 24, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" ranking for Topaz Energy. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch trimmed his share target by a loonie to $26.50. Analysts on average target the shares at $27.04. Mr. MacCulloch says in a note: "We believe the company is well-positioned to capitalize on our expectation for a more robust Canadian M&A market while retaining strong organic growth visibility from its extensive holdings in the Montney and Clearwater plays. Despite near-term natural gas price weakness, we believe the dividend is well-protected by the stable cash flow stream provided by the infrastructure assets." The Globe reported on Aug. 3, Nov. 2 and Dec. 7 that Mr. MacCulloch had reaffirmed his "buy" recommendation for Topaz Energy. The shares could then be had for $21.16, $21.88 and $18.85. The Globe reported on Jan. 11 that National Bank Financial analysts had rated Topaz Energy "outperform." The shares could then be had for $19.57.