Inside the Market’s roundup of some of today’s key analyst actions
) oil and gas assets in Alberta brings “an attractive entry point” for what he continues to view as “the highest-quality producer in the Canadian oil & gas sector.”
In response to the acquisition, which will be funded entirely with cash and includes Chevron’s remaining working interest in the AOSP, the Scotford Upgrader as well as the 70-per-cent working interest in its Duvernay asset, the analyst raised his 2025 cash flow projections as well as his production assumptions, believing “it appears accretive on all key metrics at the cost of increased financial leverage.
“Canadian gas inventories remain high and the LNGC consortium is ready to meet commitments,” he said. “Despite first cargoes expected in mid-25, a full ramp is not likely until year-end, implying limited near-term upside to activity. We do not believe that the recent geopolitical risk premium embedded in crude will translate to an increase in drilling. As such, Canadian/U.S. 2025 rig count forecasts decrease by 2 per cent/3 per cent.
Analyst: “We are reducing our estimates, alongside a reduction to our activity forecasts and expect it will miss its Q3/24 Canadian gross margin/day guidance , with Canadian activity in Aug./Sept. also at the low end of its 75-80 Aug. range.”
Cent Cnq Capital Iaa Rating Analyst Fcf Horizon Wood Cowen
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