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Msg  55647 of 59447  at  1/11/2017 2:32:36 PM  by

carswell


Globe says share targets raised on Cardinal, rivals

Globe says share targets raised on Cardinal, rivals

2017-01-11 08:07 ET - In the News

See In the News (C-CJ) Cardinal Energy Ltd

The Globe and Mail reports in its Wednesday, Jan. 11, edition that Canaccord Genuity says West Texas Intermediate crude prices for 2017 are in line with its $55 (U.S.) forecast for the year. The Globe's David Leeder writes in the Eye On Equities column that Canaccord says it has made adjustments to its calculations due to the weakness in the Canadian dollar, resulting "in a bump to our cash flow estimates." Canaccord says in a note: "Those changes resulted in multiple target price increases to Canadian junior and intermediate exploration and production stocks in its coverage universe. On the oil side, the companies with the most significant increase in 2017E CFPS [cash flow per share] were Athabasca Oil, Pengrowth Energy and Cardinal Energy." Canaccord hiked its share target for Cardinal to $12.50 from $12, while maintaining its "buy." Analysts on average target Cardinal shares at $11.83. Canaccord elevated Canadian Energy Services and Technology to $10 from $9.25, while maintaining its rating at "buy." Analysts on average target the shares at $7.88. Canaccord boosted its share target for Calfrac Well Services to $5.25 from $4.25. Analysts on average target the shares at $4.53. Canaccord rates Calfrac "hold."



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