$3.50 target raise from RNC Athabasca Oil Target Price Raised to $3.50 at RBC
09:48 AM EST, 03/02/2023 (MT Newswires) -- RBC Capital Markets raised its target price on Athabasca Oil Corp. (ATH.TO) to $3.50 from $3 on Thursday.
Analyst Luke Davis maintained a Sector Perform rating on shares of the Calgary-based energy company following its Q4 results.
Davis said the higher target is a result of ATH's strong thermal performance and clarity on return of capital plans.
"Athabasca shares trade at a premium to oil-weighted peers," the analyst said in a note to clients.
"We believe the stock should trade in line given similar free cash generation and financial standing, though we are becoming increasingly constructive on 2024+ as the company continues to allocate capital to highly efficient thermal production additions," Davis said.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 3.00, Change: -0.01, Percent Change: -0.17