Analyst Upgrades At least three analysts raised their price targets on Athabasca Oil Corp following its earnings Wednesday night.
Atb Capital Markets raised its target to C$7.5 from C$7; National Bank of Canada raised its target to C$7.5 from C$7; and TD Cowen raised its target to C$6 from C$5.5.
“Overall, we view the quarterly results as positive,” said Atb analyst Patrick J. O’Rourke, who reiterated an “outperform” rating.
Second-quarter production was modestly ahead of estimates, and cash flow “notably ahead” - at $165.7 million versus the consensus at $155 million, he noted.
Athabasca also raised its 2024 corporate production guidance to 36.0-37.0 mboe/d (from 35.0-36.0 mboe/d prior) and capex guidance to $275.0 million (from $217.0mm).
The average price target is now C$6.56, up from C$6.19 a month ago.