** “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)
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COMMENTARY: Activists Suddenly Care About LNG Investors