The Globe and Mail reports in its Friday, Jan. 17, edition that after a strong performance in 2024 for Canadian energy equities, CIBC World Markets analysts Dennis Fong, Jamie Kubik and Christopher Thompson continue to anticipate a focus on allocating free cash flow to shareholder returns. The Globe's David Leeder writes that they note, however, that this year will present new challenges. The CIBC analysts say in a note: "The looming threat of U.S. tariffs is likely to be a near-term challenge for the Canadian energy sector. We have seen oil differentials widen as investors price in tariff risks, with the equities having followed suit. We expect cash flows for companies with Canadian-domiciled refineries to be resilient and to help moderate political risk and commodity price volatility. North American gas inventories enter 2025 above the seasonal average. However, LNG export projects in Canada and the U.S. should see demand rise over the coming 12 months. ... We expect gas prices to improve in 2025, but we still maintain a preference toward liquids-weighted producers." CIBC analysts rate Peyto Exploration & Development "neutral," while hiking their share target to $17.50 from $17. Analysts on average target the shares at $18.50.