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JPMorgan downgraded Gibson Energy (GBNXF) to Underweight from Neutral with a price target of C$23, down from C$26, following the Q4 report. The firm sees the potential for Gibson “to remain stuck in the mud while the rest of the space benefits from constructive fundamentals.” Tighter crack spreads, increased demand for Canadian heavy oil triggering steep backwardation, and lower volatility-based opportunities drove a weaker Marketing segment print, the analyst tells investors in a research note.

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