Market PerformanceThe risk-reward profile is considered less favorable compared to other SMid-cap oily E&P coverage, justifying an underweight rating.
Production GuidanceThe first quarter of 2025 volume guidance is slightly below some expectations, signaling potential challenges in meeting higher forecasts.
Stock ValuationThe stock is trading at a considerable premium to peers on 2025e EV/EBITDX, which keeps the stock Neutral-rated.