The Globe and Mail reports in its Tuesday edition that BMO Nesbitt Burns analysts made a series of ratings changes for TSX-listed energy stocks.
The Globe's David Leeder writes in the Eye On Equities column that the firm downgraded Crew Energy (19.5 cents) to "market perform" from "outperform" with a $1.25 share target, down from $4.25. Analysts on average target the shares at $3.82. BMO analyst Mike Murphy says in a note: "We continue to view the company as holding a high quality undeveloped Montney asset base, but believe it will be challenging to transact in the near term given the current state of the market. ... Leverage remains elevated; however, the company has time to wait out a recovery, with its covenant-free term debt not maturing until 2024." The Globe reported on July 10, 2019, that Canaccord cut Crew to "speculative buy" from "buy." The shares were then worth 73 cents. The Globe reported on Jan. 21, 2020, that Raymond James analyst Jeremy McCrea gave a middling report on Crew, keeping it at "market perform." The shares were then worth 49.5 cents. The Globe reported on Feb. 3, 2020, that three Desjardins Securities analysts were sticking with their "hold" call when Crew was going for 43 cents.
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