The Globe and Mail reports in its Friday, May 16, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "hold" recommendation for Peyto Exploration & Development. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch gave his share target a 50-cent boost to $18.50. Analysts on average target the shares at $20.61. Mr. MacCulloch says in a note: "We were impressed by the company's operational execution, punctuated by the first material reduction in debt levels since the Repsol Canada transaction. While acknowledging the attractive 6.9-per-cent dividend yield, we remain cautious on the stock in view of elevated debt levels and the growing premium vs its Canadian natural gas–weighted peers following an extended period of outperformance." The Globe reported on Oct. 23 and Nov. 15 that Mr. MacCulloch had reaffirmed his "hold" recommendation for Peyto Exploration. The shares could then be had for $15.29 and $15.51. The Globe reported on April 9 and May 15 that Raymond James analyst Luke Davis rated Peyto Exploration "outperform" and "sector perform." The shares could then be had for $15.30 and $19.25.