Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
WEC - Western Engineered Containment
Copper Tip Energy Services
Hazloc Heaters
WEC - Western Engineered Containment
Copper Tip Energy
Hazloc Heaters

Canadian Natural: Brokerages say Devon deal attractive on most metrics


** Brokerages raise PT on Canadian Natural Resources on deal with Devon; JP Morgan raises by C$2 to C$50, GMP FirstEnergy by C$1 to C$50** CNQ said on Wednesday it would buy Devon Energy’s Canadian assets for C$3.8 bln

** “CNQ was able to make the math work to acquire an asset that generates good FCF with synergy potential and future development upside” – JPM

** Says cost per flowing barrel that co paid DVN was cheapest of recent oil sands transactions

** GMP says not surprised that CNQ is buying Devon’s assets given the close proximity with its existing assets

** Credit rating agency Moody’s, however, says co’s acquisition of Devon Canada’s assets is credit negative, since deal increases exposure to volatile heavy oil differentials

** 24 out of 25 brokerages rate the stock “buy” or higher, 1 “hold”; median PT is C$48

** Stock up 11% YTD

(Reporting By Arundhati Sarkar in Bengaluru)



Share This:



More News Articles


New SHOWCASE Directory Companies

 

U of C Executive Education
Millennium Directional
Kicker Video
Alliance Borealis Canada Corp.
DRYAIR Manufacturing Corp.
RAE Engineering
Stress Engineering
John Brooks