BUZZ-Jefferies raises PTs on Canadian oil and gas producers

Reuters04-13

** Jefferies raises price targets on several oil and gas companies, sees TransMountain pipeline project expansion, LNG exports via Coastal GasLink pipeline, and Canada's resource longevity boosting the sector

** Says almost all oil sands operators discussed additional 'redundancy' opportunities to shorten turnarounds and improve throughput creep in 2024/2205

** Sees share buybacks taking a step back during Q1 2024 due to weaker commodity prices and higher capex levels, but sees the improvement in prices (WTI +9% m/m; WCS diffs: +17% m/m) could improve free cash flow

** Raises Suncor Energy ("hold") to C$53 from C$50, sees a slightly weaker quarter for synthetic crude oil and a strong quarter for refining on utilization

** Raises Cenovus Energy ("buy") to C$36 from C$28, see CVE hitting debt target mid-year, Q1 could see downstream slightly weaker on wider SCO differentials

** Raises Canadian Natural Resources ("hold") PT to C$110 from C$86, sees marginally lower production volumes in Q1, with production accelerating in second half of 2024

** Other PT raises:

Company Old PT New PT Rating

Ovintiv $59 $69 Buy

Arc Resources C$28 C$30 Buy

MEG Energy C$28 C$35 Hold

Strathcona Resources C$26 C$36 Hold

Tourmaline C$70 C$75 Buy

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com;))

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