Desjardins downgrades Tamarack Valley on exposure to oil prices

Desjardins downgraded Tamarack Valley Energy (TNEYF) to Hold from Buy with a C$5 price target The firm says softer oil prices and a stronger Canadian dollar are driving its bearish outlook on Canadian oil and gas companies. The downgrade of Tamarack is primarily commodity price-driven, reflecting a more bearish commodity price outlook through 2026 which disproportionately weighs on the company’s free cash flow generation relative to peers given its elevated heavy oil exposure and balance sheet leverage, the analyst tells investors in a research note.