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Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

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

Post by 2021Gambleon Dec 07, 2021 10:57am
236 Views
Post# 34206233

Newswire summary on WCP price target update

Newswire summary on WCP price target update

Tue Dec 07 10:56:02 2021 EDT

10:55 AM EST, 12/07/2021 (MT Newswires) -- RBC Capital Markets raised its target price on Whitecap Resources Inc. (WCP.TO) to $11 from $10 after the company announced consolidation acquisitions and share buybacks on Monday morning.

Analyst Luke Davis maintained an Outperform rating on shares of the Calgary-based oil and gas producer.

Whitecap shares rose $0.34, or 4.6%, to $7.78 in morning trading Tuesday on the Toronto Stock Exchange.

Davis said Whitecap's balance sheet continues to be in good shape, and he expects more acquisitions in 2022.

"Whitecap's consolidating tuck-ins are on brand and continue to add scale in core areas," the analyst said in a note to clients. "We expect management will execute similar deals through 2022 alongside its return of capital strategy."

Davis said Whitecap cancelled 4 million shares (net of equity issues), with 7.1 million more available on its current share buyback program.

"In our view, a premium multiple is warranted by the company's strong balance sheet, FCF profile, and seasoned management team," the analyst 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: 7.77, Change: +0.33, Percent Change: +4.44

SID(MTNA2556932)



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