Effective from September 30, 2020
We, David Heikkinen, Marshall Carver, David Smith, Kevin MacCurdy, David Amoss, Kevin Pollard, Fernando Zavala and Michael Cusimano, certify that to the best of our knowledge, the views and opinions in this research report accurately reflect our personal views about the subject company (companies) and its (their) securities. We have not and will not receive direct or indirect compensation in return for expressing specific recommendations or opinions in this report.
The following analysts were involved in creating or supervising the content of this report: David Heikkinen, Marshall Carver, David Smith, Kevin MacCurdy, David Amoss, Kevin Pollard, Fernando Zavala and Michael Cusimano.
The analysts and their households do not own securities of the companies mentioned in this research report.
Analysts' compensation is not based on investment banking revenue nor have they received compensation from the subject companies.
Heikkinen Energy has not received investment banking revenue from any companies in the previous 12 months, and has not received non- investment banking revenue from the subject company (companies) in the previous 12 months. We intend to seek compensation for investment banking services from the companies mentioned within this research report.
We force rank for all companies we cover (#rank/# of companies covered) and tier them into three categories:
top (Focus List), middle (The Moil) and bottom (Bottom Tier)
Focus List is assigned to those companies (usually 20 – 30% of the companies) that have the best combination of valuation risk/reward and positive company specific catalysts within our coverage universe. These companies should be purchased at current prices because they are expected to outperform its peers over the next 12 months.
The Moil is assigned to those companies that have an average combination of valuation risk/reward and company specific catalysts within our coverage universe. These companies are expected to perform in line with our coverage universe over the next 12 months.
Bottom Tier is assigned to those companies (usually 20 – 25% of the companies) that have below average combination of valuation risk/reward and company specific catalysts within our coverage universe. These companies are expected to underperform our coverage universe over the next 12 months. These stocks should be sold at current prices.
We do not use price targets in our research reports.
For detailed rating information, please visit our disclosure page.
Legal Entities Disclosure: Heikkinen Energy Securities LLC (member FINRA/SIPC) is a wholly owned subsidiary of Heikkinen Energy Advisors LLC.