Raising Peyto's Fair Value Estimate; Stock Still Overvalued
We are relaunching coverage of Peyto Exploration & Development Corp and raising our fair value estimate to CAD 29 from CAD 24. The stock currently yields approximately 3.5%. Trading over CAD 37, which represents a 30% premium to our fair value, the stock continues to look overvalued. Although we consider Peyto to be one of the better businesses in the segment, we believe that the market is pricing a higher long-term natural gas price than we currently anticipate (our U.S. midcycle forecast i...Peyto Energy is an unincorporated open-ended limited purpose trust established under the laws of the Province of Alberta. Through its direct and indirect subsidiaries, Co. is engaged in the acquisition, exploration, development and production of oil and natural gas in Western Canada.
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