Tudor Pickering & Holt, raised TP to $14.00
One bright spot on this down day, Tudor Pickering & Holt, raised their target price for whitecap to $14.00 with estimated FCF to $300 million, to the streets $290 million. Earnings per share of 80 cents to the streets 78 cents. Don't panic, we've seen this kind of day many times in the past. Whitecaps fundamentals have not changed & we're heading to a net debt of $800 million or less by next week's earnings report. With Q2 looking good, forward earnings could reduce debt to $500 by Q2. It's a good chance that Whitecap will be debt free by year end or by Q2 2023 depending on energy prices. Once that happens they can focus on more buy backs to get the float down to the 300-400 million levels. Tamarack Valley yesterday reported a $93 million dollar acquisition in the Clearwater area & Whitecaps CEO is constantly looking to add value as we've seen before. Oil still trading at $102 even on this down day is fantastic with some great earnings coming next week.