TSX:HSE.PR.B - Post by User
Post by
Seppelton Oct 24, 2019 3:38pm
172 Views
Post# 30266245
TPH
TPH 11:23 AM EDT, 10/24/2019 (MT Newswires) -- Tudor, Pickering & Holt on Thursday reiterated its hold rating on the shares of Husky Energy (HSE.TO) after the oil producer and refiner reported higher than expected third-quarter cash flow.
"With cash flow ahead of Street expectations after adjusting for higher-than-forecast insurance proceeds, we see the stock slightly outperforming on the day," the investment bank said in a note. "Q3'19 production of 295mboepd was in line with the Street/TPHe 295mboepd, while cash flow of C$1.02/shr beat the Street at C$0.92 (TPHe C$0.90) driven by higher-than-forecast business interruption insurance (C$0.06/shr) and distribution from equity investment (C$113MM, C$0.12/shr); adjusting for higher-than-forecast insurance, cash flow was still ahead of the Street ... The company indicated that upstream production had exited the quarter at ~310mboepd, setting up well to achieve Street Q4'19 estimates at 312mboepd (TPHe 315mboepd); no change to annual production guidance of 290-305mboepd (Street/TPHe 291mboepd)."