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Bonavista Energy Corp
Symbol BNP
Shares Issued 260,520,450
Close 2019-12-02 C$ 0.49
Recent Sedar Documents

Globe says Bonavista Energy maintained at "hold"

2019-12-03 07:30 ET - In the News

The Globe and Mail reports in its Tuesday edition that Desjardins analyst Scott Van Bolhuis rates Bonavista Energy "hold." The Globe's David Leeder writes that Mr. Van Bolhuis targets the shares at 75 cents, which is 13 cents above the consensus. Mr. Van Bolhuis says 2020 will likely be "another challenging year" for oil and gas companies. Mr. Van Bolhuis says in a note: "We are neutral on the shares given the company's heightened debt levels. We would be more constructive if management can reduce debt and post positive Duvernay well results." Commenting on the market, Mr. Bolhuis says: "Company fundamentals have improved and [free cash flow] is abundant. However, the market is constrained by low prices, limited market access and subdued investor sentiment. We believe investors should focus on companies that can generate returns, yield FCF, have staying power and a track record of execution. In our view, capital spending and prudent balance sheet management will remain key in 2020 given the headwinds facing the sector. As budgets continue to trickle in, we expect most producers will aim to spend within cash flow, with excess funds allocated to reducing debt or toward share buybacks."

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