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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery gained $1.92 to $62.04 on the New York Merc, while Brent for May gained $1.88 to $65.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.30 to WTI ($37.74), unchanged. Natural gas for April lost two cents to $2.73. The TSX energy index gained a fraction to 170.78.
Many energy producers had a decent day. Cenovus Energy Inc. (CVE) gained 19 cents to $10.46 on 6.56 million shares, Baytex Energy Corp. (BTE) added six cents to close at $3.73 on 5.21 million shares and Birchcliff Energy Ltd. (BIR) rose six cents to $3.01 on 4.33 million shares.
Alberta Cardium-focused Yangarra Resources Ltd. (YGR) climbed 25 cents to $4.45 on 137,700 shares after releasing its full-year financials. The company applauded itself for increasing its revenue to $77.9-million in 2017 from $29.2-million in 2016. It benefited greatly from higher realized oil prices, especially in the fourth quarter of 2017. Canaccord Genuity analyst Sam Roach was particularly delighted by Yangarra's fourth quarter cash flow of $17.6-million, which came in higher than analysts' average prediction of $15.9-million and his own prediction of $14.8-million. Mr. Roach also patted the company on the back for its "good success" as it continues to tweak its Cardium well designs. He hopes to see further increases in Yangarra's initial production rates per well. His delight and hope aside, Mr. Roach left his rating unchanged at "speculative buy" with a price target of $6.
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