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Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

Energy Oil & Gas E&P
Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa and Resthaven, all located in Northwest Alberta. The primary reservoir being developed is the Montney resource play, mainly comprised of condensate-rich natural gas. Kaybob is located in the Fox Creek region of Northwest Alberta. The primary reservoir being developed is the Duvernay resource play, mainly comprised of condensate-rich natural gas. The PRA is its original asset area. Its East Division is comprised of four regions: Central AB, West Sask, East Sask and Weyburn. Its Central Alberta region represents the bulk of its Cardium and liquids-rich Mannville assets.


TSX:WCP - Post by User

Whitecap Resources Inc
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Post by nailation May 03, 2018 10:34am
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Post# 27976044

Raymond James Raises Target to $13.25

Raymond James Raises Target to $13.25Whitecap Resources Inc. | WCP-TSX | price C$9.34 | Strong Buy
Raising Estimates.  Target price changes from C$13.00 to C$13.25.

CFPS:  2018E C$1.86 to C$1.81                            2019E C$2.10 to C$2.11
Mkt Cap (mln): C$3,904                                       Net Debt (mln): C$1,170                      Yield: 3.0%
WCP: With More Cash Comes More Options
Jeremy McCrea, CFA | RJL | 403.509.0518 | jeremy.mccrea@raymondjames.ca

Summary: 
♦         For WCP, the production 'beat', in the context of y/y growth, we believe is a result of stronger well economics than the market generally believes based on GeoSCOUT data we see. Given many sizable acquisitions over the past few years, the company's higher profitability through its well development isn't as appreciated. Overall, with top decile well economics, 85% of production tied to oil, strong balance sheet and a valuation that has yet to keep pace with oil prices, we maintain our Strong Buy.

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