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 Kelt Exploration to "market perform" from "strong buy" with a $7.50 share target. Analysts on average target the shares at $6.24. The Globe reported on March 2, 2019, that Canaccord rated Kelt "buy" in new coverage. The shares could then be had for $5.41. The Globe reported on May 11, 2019, that Mr. McCrea added Kelt to his "Favourites list." It was then worth $8.33.
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