11:38 AM EDT, 03/23/2026 (MT Newswires) -- CIBC Capital Markets on Monday outlined estimate changes for certain North American energy equities.

CIBC said it cut the estimated 2026 cash flow estimate for Baytex (BTE.TO) to C$0.86 per share from $0.91 per share after updating the company's model following the release of its financial results for the fourth quarter of 2025.

The cash flow forecast for Cardinal Energy (CJ.TO) rose to $1.22 per share from $1.19 per share, primarily driven by hedging gains that are likely to be swing to losses, CIBC said.

For North American Construction Group ( NOA ) , CIBC adjusted the 2026 adjusted EBITDA estimate to $397 million from $395 million while the 2026 free cash flow expectation was reduced to $113 million from $183 million. The change reflects an anticipated increase in sustaining capital expenditures and higher working capital associated with the IMC acquisition, CIBC said.

CIBC boosted the cash flow projection for Strathcona (SCR.TO) to $5.86 per share from $4.93 per share. The cash flow estimate for Vermilion (VET.TO) was trimmed to $4.95 per share from $5.71 per share.

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