The Globe and Mail reports in its Friday, May 26, edition that Raymond James analyst Andrew Bradford has elevated his recommendation for Ensign Energy to "outperform" from "market perform." The Globe's David Leeder writes that Mr. Bradford, however, chopped his share target back by $1.50 to $4.75. Analysts on average target the shares at $4.67. Mr. Bradford upgraded his call on Ensign because he thinks recent market shares losses are "likely to moderate or even reverse in the coming quarters." Mr. Bradford says in a note: "We have been commenting on Ensign's unique market share dynamics in our written research for over 18 years now. We can summarize those dynamics as follows: Ensign's market share tends to degrade over time organically, but it periodically replaces that lost market share with acquisitions -- acquiring its market share, in effect. ... Today, we see Ensign's market share losses as primarily confined to its Canadian drilling business -- Ensign's 1Q23 market share was 19.1 per cent compared to 22 per cent five-quarters prior -- immediately following the Naabors rig acquisition. ... We're expecting Ensign's Canadian market share will revert to above 20 per cent for the balance of 2023."