Peyto Exploration upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Randy Ollenberger upgraded Peyto Exploration (PEYUF) to Outperform from Market Perform with a price target of C$19.50, up from C$18.50. Peyto’s hedging program and “peer-leading” cost structure has allowed it to fund its capital program, reduce debt, and maintain its “healthy” dividend despite ongoing weakness in western Canada natural gas prices, the analyst tells investors in a research note.