The Globe and Mail reports in its Tuesday edition that ATB Capital Markets analyst Patrick J. O'Rourke says, "Since the onset of COVID-19 and its impact on the economy, the narrative around oil has clearly been one driven by demand, with dramatic demand reductions." The Globe's David Leeder writes in the Eye On Equities column that Mr. O'Rourke adds: "With foreign market prices firming, LNG exports picking up steam (post hurricane Laura), and if early forecasts of a very cold winter turn out to be correct, we could start to see some dramatic withdrawals in December. ... Investors may temper their near-term enthusiasm on oil and gas equities regardless of a recovery in commodity market improvements for companies on both sides of the border pending election results and potential policy implications." With an unchanged "outperform" rating, Mr. O'Rourke elevated his share target for Kelt Exploration to $2.85 from $2.75. Analysts on average target the shares at $3.05. The Globe reported on March 10 that Raymond James analysts had cut Kelt to "market perform" from "strong buy." The shares could then be had for $1.62. The Globe's Andrew Willis said Kelt insiders were busy buying shares, which were then worth $1.14.
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