08:27:09 EDT Fri 03 May 2024
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Tamarack Valley Energy Ltd (2)
Symbol TVE
Shares Issued 557,044,331
Close 2023-12-07 C$ 3.07
Market Cap C$ 1,710,126,096
Recent Sedar Documents

Globe says Tamarack Valley Energy maintained at "buy"

2023-12-07 08:01 ET - In the News

The Globe and Mail reports in its Thursday edition that Desjardins's Chris MacCulloch has reaffirmed his "buy" recommendation for Tamarack Valley Energy. The Globe's David Leeder writes that Mr. MacCulloch continues to target the shares at $6. Analysts on average target the shares at $6.08. Mr. MacCulloch says in a note: "Tamarack Valley Energy remained highly disciplined in 2023 and not coincidentally has started emerging from its debt-laden slumber on the back of a non-core asset disposition earlier this fall, which accelerated balance sheet repair. That is incrementally positive for investors as it puts the company one step closer toward activating the next tranche of capital returns, which are poised to accelerate to 50 per cent of FCF when net debt reaches $900-million -- a 1Q24 prospect at strip prices, as previously noted. Meanwhile, we believe that Tamarack has been flying under the radar as a producer that will significantly benefit from narrowing WTI-WCS differentials when TMX comes online after materially lagging its heavy oil-weighted peers in 2023. On that note, the stock remains attractively valued." The Globe reported on Sept. 29 that Mr. MacCulloch rated Tamarack "buy." It was then worth $3.98.

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