As previously reported, Raymond James downgraded Surge Energy (ZPTAF) to Market Perform from Outperform with a price target of C$6, down from C$8.50. The firm lowered production estimates 4% in 2026 alongside trimming its capital spending outlook beyond 2025, adding that its cash flow per share estimates drop 19% and 35%, respectively, for this year and next. The firm notes it has not factored in a reduction to the base dividend, but believes it “could be at risk” in the event that prices remain weak for an extended period.
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