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Globe says analysts trim Crew Energy share target

2020-02-03 07:43 ET - In the News

The Globe and Mail reports in its Saturday edition that Desjardins Securities analysts Justin Bouchard, Chris MacCulloch and Scott Van Bolhuis boosted their oil price deck for 2020 and 2021 on Thursday, expressing concern that the market has been slow to factor in "omnipresent geopolitical risk in the Middle East." The Globe's David Leeder writes in the Eye On Equities column that the analysts say in a note: "The new decade started with a major geopolitical disturbance following a series of events in Iraq which pushed the U.S. and Iran to the brink of a direct military conflict. With regard to oil prices, the limp response to the saga represented the third major failed attempt to reintroduce a geopolitical risk premium in response to simmering tensions in the Persian Gulf." The analysts add, "The market will likely need to see the equivalent of 'boots on the ground' at this point to spur a meaningful geopolitical risk premium." The analysts maintain Crew Energy (44.5 cents) at "buy," while cutting their share target to 75 cents from $1. Analysts on average target the shares at 94 cents. The Globe reported on July 10, 2019, that Canaccord cut Crew to "speculative buy" from "buy." The shares were then worth 73 cents.

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