The Globe and Mail reports in its Tuesday, March 10, edition that equity analysts at Raymond James made a series of "tactical" downgrades to intermediate oil and gas producers on Monday in response to the sudden plunge in crude oil prices precipitated by Saudi Arabia. The Globe's David Leeder writes in the Eye On Equities column that analyst Jeremy McCrea says in a note: "Crude markets -- already grappling with demand concerns relating to COVID-19 -- heard echoes of the infamous November, 2014, OPEC meeting after Friday's OPEC+ meeting failed to reach an agreement around an extension and/or deepened production cuts, leaving major producing countries to effectively produce at will come April 1st. Since Friday, the situation has escalated even further, with Saudi Arabia dropping its 'Official Selling Prices' (OSPs) for April." James analysts cut Surge Energy to "market perform" from "outperform" with a $1.50 share target. Analysts on average target the shares at $1.54. The Globe reported on March 13, 2019, that Canaccord Genuity analyst Anthony Petrucci rated Surge "buy." It was then worth $1.38. The Globe reported on April 9, 2019, that Industrial Alliance rated Surge "buy." It could then be had for $1.42.
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