The Globe and Mail reports in its Wednesday, Feb. 25, edition that ATB Cormark Capital Markets analyst Tim Monachello, in response to "strong Q4/25 results that demonstrated margin expansion and an improved activity outlook," upgraded PHX Energy Services to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Monachello gave his share target a $2 boost to $10.50. Analysts on average target the shares at $9.85. Mr. Monachello says in a note, "We believe PHX Energy's strong Q4/25 results, improved outlook and enhanced shareholder return framework should alleviate concerns regarding the sustainability of its regular dividend and could catalyze a positive rerating, especially amid a broad market rotation that has expanded multiples across the energy services sector in 2026." The Globe reported on Oct. 24 that Mr. Monachello had downgraded PHX Energy to "sector perform" from "outperform." The shares could then be had for $7.48.