BMO Capital Markets on Friday maintained its market-perform rating on the shares of Vermilion Energy (VET.TO, VET) while raising its price target to C$10.50 from an undisclosed prior leve after the company sold its U.S. oil and gas assets for C$120 million.
"Vermilion has seen plenty of share price volatility as uncertainties surrounding European gas prices, leverage, and exploration success all weigh on investor risk appetite. Despite these headwinds, VET remains steadfast in building a balanced portfolio of assets. Announcing its second disposition in a row, the transaction announced today shows management's continued commitment to repositioning its portfolio and focusing on its highest tier plays. With an improved balance sheet, we look forward to seeing further execution from this high-graded portfolio. We adjust estimates and increase our target price to $10.50," analyst Jeremy McCrea wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 9.69, Change: +0.14, Percent Change: +1.47
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