The Globe and Mail reports in its Friday, Feb. 7, edition that National Bank Financial analyst Travis Wood has started coverage on Tenaz Energy with an "outperform" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Wood set a "Street-high" share target of $23. Analysts on average target the shares at $16.75. Mr. Wood says in a note: "As we consider the value compression into 2026, we would earmark the stock price as potentially undervalued relative to future transactional opportunities. We do believe the company is likely to leverage its current cost of capital advantage to capture additional assets to extend and expand on other global development opportunities. In our view, Tenaz is the only company in our coverage that provides an opportunity for investors to gain global energy exposure out of an ambitious, nimble, entrepreneurial team who is looking to continue to add value to shareholders through both organic and transactional opportunities. We believe European natural gas prices will remain relatively attractive over our forecast period given the need for friend shoring, energy security and demand growth in the wake of complicated geopolitical tensions."