16:46:56 EDT Sun 20 Sep 2020
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Crew Energy Inc
Symbol CR
Shares Issued 156,235,973
Close 2020-01-20 C$ 0.495
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Globe says Crew Energy maintained at "market perform"

2020-01-21 08:38 ET - In the News

The Globe and Mail reports in its Tuesday edition that Raymond James analyst Jeremy McCrea raised his financial metrics and target price for Crew Energy in reaction to Friday's announcement that it has sold a 22-per-cent interest in each of its Septimus and West Septimus gas processing facilities in British Columbia for $70-million. The Globe's David Leeder writes in the Eye On Equities column that separately, Crew said it exercised its option to buy an approximate 16-per-cent net interest in the facilities for $11.7-million. Mr. McCrea continues to rate Crew "market perform." He boosted his share target by 25 cents to $1. Analysts on average target the shares at $3.69. Mr. McCrea says in a note: "Given Crew's debt position and lower return on capital from a collapse in gas prices, the company has meaningfully slowed down spending. Despite Crew having one of the larger land bases in the B.C. Montney, we believe the lack of available capital to develop the resource has restricted growth and the company to get a 'fair valuation' for its undrilled land base. We acknowledge that the infrastructure transactions announced [Friday] are a meaningful step in the right direction but overall debt levels remain elevated."

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