November 23, 2015 / 8:09 PM / in 2 years

BUZZ-Trilogy Energy Corp: Raymond James raises to "outperform"

** Canadian oil and gas producer’s shares up 8.6 pct at C$4.29

** Raymond James upgrades to “outperform” from “market perform” and raises PT to C$9.50 from C$9, First Energy Capital also raises PT to C$4.75 from C$4.50

** Company sold some assets in Duvernay formation in Alberta’s Kaybob region for $85 mln in cash last week

** “Last week’s transaction further de-levers Trilogy’s balance sheet; ... the move is certainly directionally positive,” AltaCorp Capital analysts write

** Company, with net debt of C$674 mln as of Sept. 30, should sell more assets in Duvernay to normalize its financial position, Raymond James analysts write

** 3 of 14 brokerages rate the stock “buy” or higher, 8 “hold” and 3 “sell”; median PT is C$5.38

** Up to Friday’s close, stock had fallen 50 pct this year

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