Tudor, Pickering, Holt on Tuesday maintained its buy rating on the shares of Tourmaline Oil (TOU.TO) with a C$77.00 price target ahead of first-quarter results from Canada's No.1 natural-gas producer.
"Heading into Q1 earnings, we're in-line with consensus on operations, but light on cash flow following our true-up for mark-to-market factors. On ops, TPHe 634mboepd total production is unchanged vs. our prior model (and ~in-line with Street 632), though we've shaded down our capex estimate to reflect capital efficiencies; TPHe C$884MM is in-line with Street, both below our prior C$972MM. Overall, however, true-ups primarily on realizations decreased our cash flow estimate to C$958MM from our prior C$1,070MM, with our model now sitting below Street C$1,011MM (TPHe ~C$2.54 CFPS vs. Street ~C$2.65)," analyst Jeoffrey Lambujon noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 62.92, Change: +1.29, Percent Change: +2.09
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