The Globe and Mail reports in its Wednesday, May 1, edition that National Bank Financial analyst Dan Payne thinks it is important for investors to "appreciate" the current complexion of Athabasca Oil, "where it has established a very strong and streamlined base of operations in its thermal oil and light oil businesses, respectively, and each as supported by a strong financial foundation and capital structure." The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne, in a research report released Tuesday, commenced coverage on Athabasca Oil with a "sector perform" recommendation, calling it "a well-established oil sands development company, with an expanding emphasis on a complementary Duvernay growth vehicle." Mr. Payne set a share target of $6.50, touting further upside through "corporate execution of growth." Analysts on average target the shares at $6.14. Mr. Payne says in a note: "The company is anticipated to continue harvesting the deep value of its long-duration free cash flow (oil sands), while benefiting from the self-funded growth wedge (Duvernay Energy), and each in support of a magnification of shareholder returns. The company is well stewarded by its solid management team."