The Globe and Mail reports in its Thursday, Sept. 26, edition that Scotia Capital analyst Jason Bouvier has elevated his recommendation for MEG Energy to "sector outperform" from "sector perform" with the expectation of "strong" free cash flow per share growth. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bouvier is sticking with his $35 share target. Analysts on average target the shares at $33.96. Mr. Bouvier says in a note: "Given the solidified balance sheet, enhanced shareholder return profile and plans for robust and capital efficient growth we continue to like the story. The recent underperformance in share price gives us the opportunity to upgrade the stock. ... MEG will hit its long-term debt target of $600-million (U.S.) in Q3/24. After years of having above average financial leverage the company's balance sheet is now much more manageable improving the overall sustainability of the company. ... MEG is set to allocate 100 per cent of its FCF to shareholder returns. The company has instituted a quarterly base dividend of $0.10/sh with a current yield of 1.6 per cent. All of the FCF, beyond the dividend, is expected to be used for share buy backs."