Whitecap Resources Maintained at Buy at TPH Following Q1 Results; Price Target at C$16.00

MT Newswires Live04-30 23:13

Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Whitecap Resources (WCP.TO) with a C$16.00 price target following the Western Canadian oil and gas producer's first-quarter results.

"Positive on Q1 results which, in our view, should support relative outperformance today. On key Q1 headline metrics, C$0.84 CFPS beat TPHe/Street C$0.74/C$0.74, driven by beats on production and to a lesser degree gas realizations; C$676MM capex was relative in-line with consensus, comparing to TPHe/Street C$643MM/C$664MM. For context on volumes, 391mboepd beat TPHe/Street 378/378 and guidance of 375-380, led primarily by liquids, which clocked in at 242mboepd (62% of the mix) vs. TPHe/Street 231/229, with all of the above attributed to (i) compressed cycle times driving quicker turn-in-line timing for new wells and (ii) outperformance of new wells across the portfolio ... On formal changes, FY'26 guidance was increased on production by +7.5mboped (~2% at the midpoints) to 378-382mboepd (prior 370-375; TPHe/Street 378/375) for unchanged capex of C$2.0-2.1B (TPHe/Street C$2.05B/C$2.08B); no changes to longer-term growth plans of 3-5%," analyst Jeoffrey Lambujon wrote.

(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: 15.92, Change: -0.04, Percent Change: -0.25

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On key Q1 headline metrics, C$0.84 CFPS beat TPHe/Street C$0.74/C$0.74, driven by beats on production and to a lesser degree gas realizations; C$676MM capex was relative in-line with consensus, comparing to TPHe/Street C$643MM/C$664MM. For context on volumes, 391mboepd beat TPHe/Street 378/378 and guidance of 375-380, led primarily by liquids, which clocked in at 242mboepd (62% of the mix) vs. TPHe/Street 231/229, with all of the above attributed to (i) compressed cycle times driving quicker turn-in-line timing for new wells and (ii) outperformance of new wells across the portfolio ... 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On key Q1 headline metrics, C$0.84 CFPS beat TPHe/Street C$0.74/C$0.74, driven by beats on production and to a lesser degree gas realizations; C$676MM capex was relative in-line with consensus, comparing to TPHe/Street C$643MM/C$664MM. For context on volumes, 391mboepd beat TPHe/Street 378/378 and guidance of 375-380, led primarily by liquids, which clocked in at 242mboepd (62% of the mix) vs. TPHe/Street 231/229, with all of the above attributed to (i) compressed cycle times driving quicker turn-in-line timing for new wells and (ii) outperformance of new wells across the portfolio ... 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On key Q1 headline metrics, C$0.84 CFPS beat TPHe/Street C$0.74/C$0.74, driven by beats on production and to a lesser degree gas realizations; C$676MM capex was relative in-line with consensus, comparing to TPHe/Street C$643MM/C$664MM. For context on volumes, 391mboepd beat TPHe/Street 378/378 and guidance of 375-380, led primarily by liquids, which clocked in at 242mboepd (62% of the mix) vs. TPHe/Street 231/229, with all of the above attributed to (i) compressed cycle times driving quicker turn-in-line timing for new wells and (ii) outperformance of new wells across the portfolio ... 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