Stifel analyst Cody Kwong initiated coverage of Hammerhead Energy with a Buy rating and C$17 price target. Hammerhead Energy, formerly known as Canadian International Oil Corp., was “one of the first to commit to the now established and desirable” Northwest Alberta Montney in 2011 and its assets “sit in one of the most coveted plays in North America,” the analyst tells investors. The Alberta light oil Montney assets are “proven impressive assets to build up production and harvest wells” with high production rates, the analyst added.
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