BMO Capital analyst Mike Murphy initiated coverage of Rubellite Energy Inc RBY RUBLF, a growth-focused, pure-play Clearwater heavy oil explorer and producer.
The analyst initiated Rubellite with an Outperform rating on the shares and a price target of C$6.
Murphy states that Rubellite provides investors with pure-play exposure to the Clearwater, which they consider to be the most economical and fastest-growing conventional oil play in Western Canada.
Additionally, the analyst believes that Rubellite has the inventory depth and quality to deliver best-in-class production per share growth in the future, with significant upcoming exploration catalysts unlocking upside potential.
Price Action: RBY shares are trading lower by 1.45% at C$4.09 on TSX, and RUBLF is lower by 3.20% at $3.18 on the last check Friday.
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