Raymond James cuts Canadian cos' PTs on commodity price changes

Yangarra Resources

11/07/2019 14:25

** Raymond James lowers PTs on a bunch of Canadian oil cos
to adjust to its commodity price assumptions for 2019/2020
    ** Lowers 2019 price assumptions for WTI to $57.16/bbl vs
$60.96/bbl prior, and for 2020 to $55.87/bbl vs $60.14/bbl
    ** Cuts 2019 assumptions for NYMEX gas to $2.61/mcf vs
$2.89/mcf prior, and for 2020 to $2.49/mcf vs $2.75/mcf
    ** Given sentiment in the market, brokerage believes much of
the future upside of inventory and growth not being valued by
investors and as a result target prices have come down 
    ** Lowers PT on Arc Resources  ARX.TO  to C$12 from C$15.25,
Cardinal Energy  CJ.TO  to C$4 from C$4.25, Whitecap Resources
 WCP.TO  to C$6.5 from C$8.75, Obsidian Energy  OBE.TO  to C$2
from C$3.5, Yangarra Resources  YGR.TO  to C$4 from C$6.5
    
    

 (Reporting by Shradha Singh in Bengaluru)
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Ext: 2439, outside U.S. +91 80 6749 2439; Reuters Messaging:
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