Kept at Market Perform by BMO; Price Target Raised to C$4.00Athabasca Oil Kept at Market Perform by BMO Following C$160 Million Sale of Oil Properties; Price Target Raised to C$4.00 2023-08-01 11:05:08 AM ET (MT Newswires)
11:05 AM EDT, 08/01/2023 (MT Newswires) -- BMO Capital Markets on Tuesday reiterated its market-perform rating on the shares of Athabasca Oil (ATH.TO) while raising its price target to C$4.00 from C$3.75 after the company sold off oil properties in the Montney and Duvernay shale fields for C$160 million.
"Athabasca announced the divestment of its Montney assets along with a portion of its Duvernay at attractive metrics, while retaining its highest quality inventory in the Duvernay at Kaybob and Two Creeks. We now estimate the company to exit 2023 with a net cash position of $130 million (BMO Deck), and is in a strong position to deliver on its return of capital initiatives moving forward. We maintain our Market Perform rating with an increased target price of $4.00 (from $3.75)," analyst Mike Murphy wrote.