RBC Dominion Securities has cut its target price on
Athabasca Oil Corp. (
TSX: T.ATH,
Stock Forum) to $9 from $10 and maintained a sector perform rating.
Athabasca shares were lower again Wednesday after the company announced a reduced capital budget as its waits for government approval of a key Alberta oilsands project that is currently at the centre of a legal dispute with First Nations who are opposed to its development.
The stock fell 2.3% to $6.25. It trades in a 52-week range of $11.28 and $5.47.