BMO Capital analyst Mike Murphy initiated coverage of Hammerhead Energy with an Outperform rating and C$22 price target. The analyst views Hammerhead as “optimally positioned” within the over pressured oil window of the Montney fairway, given the “depth and quality” of inventory to support its longer term growth objectives. The firm is expecting the company to deliver peer leading and liquids-weighted annual production growth averaging 24% through 2024.
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