What stocks and analyst reports caught your eye this week? Here is a press magazine that brings together different stock market texts.
In the news:
Tamarack Valley Energy acquires Deltastream Energy
Tamarack Valley Energy is acquiring Deltastream Energy for $1.425 billion, a move Tamarack says solidifies its position as the largest heavy oil producer in the Clearwater area of northern Alberta.
Calgary-based Tamarack will provide $825 million in cash, $300 million in deferred acquisition payments and $300 million in equity consisting of approximately 80 million Tamarack shares to acquire Deltastream, it said in a statement .
Deltastream, 85% of ARC Financial, is a non-diversified operator in the formation of Clearwater, an oil play that saw its first development in 2016.
The Clearwater formation is considered the cheapest oil play in North America, with wells paying for themselves in less than six months at current oil prices, said Brian Schmidt, CEO of Tamarack Valley.
“Deltastream brings cutting-edge drilling and economic development reserves comprised of high-quality, long-lived assets with low sustaining capital requirements, which improves capital allocation flexibility,” Mr. Schmidt explained in a statement. of press.
The purchase will add the equivalent of about 23,000 barrels of oil per day of production in 2023, according to Tamarack.
Along with the acquisition, Tamarack also indicated that it will increase its monthly dividend by 25%.
The company said it will pay 1.25 cents per share, compared to 1.00 cents per share, from its November dividend, which will be paid in December.
Shopify (SHOP, $45.31): A discount stock, believes an ATB analyst. The board of directors of the e-commerce platform whose stock has gone from $210 to $40 since last November announced major changes to its management last Thursday.
Dollarama (DOL, $80.59): After the 3rd quarter results, Financière Banque Nationale analysts raise their target price. The low-cost retailer released its quarterly results on Friday. And these certainly pleased the financial analyst of the National Bank Vishal Shreedhar, because he immediately raised his target price from $82 to $86, while maintaining his “outperform” recommendation.
Corus Entertainment (CJR.B, $3.16): National analysts downgrade the stock. After management announced that it was reducing its advertising sales forecast for the fourth quarter, Adam Shine, an analyst at National Bank Financial, did the same. And as a result, he downgrades the stock from “outperform” to “sector-equal performance,” and substantially lowers his target price from $5.00 to $3.50.
To consult the headlines of September 13, click here.