Upgrades, Downgrades and Target Changes - Jul 18 2012

Company	Rating/Target Change
AG Growth International Inc	CIBC cuts price target to C$35 from C$40
ARC Resources Ltd	Barclays raises price target to C$25 from C$23
Arcan Resources	RBC cuts price target to C$3.50 from C$4
Athabasca Oil Corp	Canaccord Genuity cuts price target to C$17 from C$18
AuRico Gold Inc	Canaccord Genuity cuts to hold from buy
Baytex Energy Corp	Canaccord Genuity cuts price target to C$57 from $60
Baytex Energy Corp	RBC cuts price target to C$54 from C$62
Baytex Energy Corp	Barclays cuts price target to C$51 from C$61
Bellatrix	Canaccord Genuity cuts price target to C$7.25 from C$9
Blackpearl Resources	RBC cuts price target to C$5 from C$5.50
Blackpearl Resources	Canaccord Genuity cuts price target to C$6 from C$6.50
Bonavista Energy	Canaccord Genuity cuts price target to C$20 from C$22
Bonavista Energy	RBC cuts price target to C$21 from C$22
Bonavista Energy	Barclays cuts price target to C$18 from C$20
Canadian Natural	RBC cuts price target to C$40 from C$47; rating outperform
Canadian Oil Sands	RBC cuts price target to C$23 from C$27
Canadian Oil Sands	Canaccord Genuity cuts price target to C$24 from C$25
Celtic	Canaccord Genuity cuts price target to C$29.50 from C$33
Cenovus Energy	RBC cuts price target to C$45 from C$46; rating outperform
Cequence	Canaccord Genuity cuts price target to C$1.85 from C$2.10; rating buy
Connacher Oil and Gas	Canaccord Genuity cuts price target to C$0.50 from C$0.60
Connacher Oil and Gas	RBC cuts price target to C$0.75 from C$1.25
Crescent Point	RBC cuts price target to C$50 from C$56
Crescent Point	Barclays cuts price target to C$46 from C$50
Crescent Point	Canaccord Genuity cuts price target to C$44 from C$48.50
Crew	Canaccord Genuity cuts price target to C$13 from C$16.75; rating buy
Crew	RBC cuts price target to C$7.50 from C$8
Crocotta	Canaccord Genuity cuts price target to C$4.75 from C$5.50
Delphi	Canaccord Genuity cuts price target to C$1.35 from C$1.75
Enerplus	RBC cuts price target to C$18 from C$23; rating sector perform
Enerplus	Barclays raises to equal weight from underweight
Enerplus	Barclays cuts price target to C$15 from C$20
Forbes and Manhattan Coal	Canaccord Genuity cuts target to C$2.40 from C$2.60
Guide Exploration	RBC cuts price target to C$2.25 from C$3
Imperial Oil	RBC cuts price target to C$47 from C$49; rating sector perform
Ithaca Energy	RBC cuts price target to C$3 from C$3.15; rating outperform
Ivanhoe Energy	RBC cuts price target to C$1 from C$1.25
Legacy Oil + Gas	RBC cuts price target to C$11 from C$13
Legacy Oil + Gas	Canaccord Genuity cuts price target to C$11.25 from C$15.25
Longview Oil	RBC cuts price target to C$8.50 from C$12
Lone Pine Resources	RBC cuts price target to C$5 from C$7
Meg Energy	RBC cuts price target to C$54 from C$60
Meg Energy	CIBC raises target to C$50 from C$47; rating sector outperformer
Nuvista	Canaccord Genuity cuts price target to C$3.50 from C$4.50
Parallel Energy	RBC cuts price target to C$7 from C$7.50
Paramount Resources	RBC cuts price target to C$33 from C$35
Parex Resources	RBC cuts price target to C$7.50 from C$8.30; rating outperform
Pacific Rubiales Energy	RBC cuts price target to C$38 from C$39
Paramount	Canaccord Genuity cuts price target to C$32 from C$35
Petrominerales	RBC cuts price target to C$25 from C$28; rating outperform
Pengrowth Energy	RBC cuts price target to C$7 from C$8; rating sector perform
Pengrowth Energy	Barclays cuts price target to C$7 from C$9
Pengrowth Energy	Canaccord Genuity cuts price target to C$8.50 from C$9
Penn West	Canaccord Genuity cuts price target to C$19 from C$22; rating buy
Penn West	Barclays cuts price target to C$14 from C$20
Penn West	RBC cuts to sector perform from outperform
Petrobank	RBC cuts price target to C$19 from C$21
Petrobakken Energy	Barclays cuts price target to C$15 from C$20
Petrobakken Energy	Canaccord Genuity cuts price target to C$20 from C$21.50; rating buy
Petrobakken Energy	RBC cuts price target to C$16 from C$19
Peyto Exploration & Development	Barclays raises price target to C$23 from C$21
Pinecrest	Canaccord Genuity cuts price target to C$4.50 from C$5.25
Raging River	Canaccord Genuity cuts price target to C$2.60 from C$3; rating buy
Suncor Energy	RBC cuts price target to C$43 from C$49; rating outperform
Talisman Energy Inc	RBC cuts to sector perform from outperform
Toromont Industries Ltd	RBC cuts target to C$24 from C$25; rating sector perform
Trilogy Energy	RBC cuts price target to C$32 from C$35
Trilogy Energy	Barclays cuts price target to C$28 from C$34
TriOil	Canaccord Genuity cuts price target to C$5.75 from C$6.75
Twin Butte	Canaccord Genuity cuts price target to C$3 from C$3.30; rating buy
Veresen Inc	CIBC cuts to sector performer from sector outperformer
Vermilion Energy	RBC cuts price target to C$50 from C$53; rating sector perform
Vero Energy	RBC cuts price target to C$3 from C$3.50
WestFire Energy	RBC cuts price target to C$7 from C$8
Whitecap Resources	RBC cuts price target to C$11 from C$13
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