Lehman Brothers on Canadian Oil Sand co.s
Canadian Oil Sands Trust initiated with "equal weight"
Suncor Energy upgraded to "overweight"
Canadian Natural Resources upgraded to "overweight"
OPTI Canada initiated with "overweight"
Deer Creek Energy initiated with "overweight"
Canadian Oil Sands Trust initiated with "equal weight"
newratings.com
Wednesday, February 02, 2005 0:39:27 AM ET
Lehman Brothers
NEW YORK, February 2 (newratings.com) - Analyst Philip R Skolnick of Lehman Brothers initiates coverage of Canadian Oil Sands Trust (COS.UN.TOR) with an "equal weight" rating. The target price is set to C$83.
In a research note published yesterday, the analyst mentions that the company is a Canadian oil and gas trust with a 35.49% stake in the Syncrude oil sands mining JV, which is its sole asset. Canadian Oil Sands Trust's long-term cash flows are likely to be boosted by three impending expansions, with the Stage 3 expansion, which is 75% complete, likely to increase the company's production by approximately 45%, the analyst says. According to Lehman Brothers, the company's Syncrude asset has a proved reserve life of +35%.
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Suncor Energy upgraded to "overweight"
newratings.com
Wednesday, February 02, 2005 1:31:02 AM ET
Lehman Brothers
NEW YORK, February 2 (newratings.com) - Analyst Paul Y Cheng of Lehman Brothers upgrades Suncor Energy (SU.NYS) from "equal weight" to "overweight," while raising his estimates for the company. The 12-month target price has been raised from C$40 to C$50.
In a research note published yesterday, the analyst mentions that the upgrade in rating is based on valuation. Suncor Energy's stock has underperformed that of its peers over the recent past and the company's current share price offers an attractive investment opportunity, the analyst says. Lehman Brothers expects Suncor Energy to witness 9%-10% growth in oil sands output for the next several years. The EPS estimate for 2005 has been raised from C$1.90 to C$2.25.
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Canadian Natural Resources upgraded to "overweight" - update
newratings.com
Wednesday, February 02, 2005 1:21:39 AM ET
Lehman Brothers
NEW YORK, February 2 (newratings.com) - Analyst Thomas R Driscoll of Lehman Brothers upgrades Canadian Natural Resources (CNQ.NYS) to "overweight." The target price has been raised from C$57 to C$66.
In a research note published yesterday, the analyst mentions that the company is benefiting from its Horizon oil sands project. Canadian Natural Resources' stock had outperformed that of its peers by 35% in the previous year, the analyst says. Lehman Brothers believes that progress on the Horizon oil sands project, coupled with strength in oil prices, would act as a catalyst for the company's share price over the next one year.
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OPTI Canada initiated with "overweight"
newratings.com
Wednesday, February 02, 2005 1:13:17 AM ET
Lehman Brothers
NEW YORK, February 2 (newratings.com) - Analyst Philip R Skolnick of Lehman Brothers initiates coverage of OPTI Canada (ticker: OPC) with an "overweight" rating. The target price is set to C$26.
In a research note published yesterday, the analyst mentions that the company has a 50% interest in the C$3.5 billion Long Lake oil sands project. The project would be utilizing OPTI Canada's patented technology on a commercial scale, which would significantly reduce operating costs, the analyst says. The company's commercial production of 70 MBbl/d bitumen would commence from mid-to-late 2006, Lehman Brothers adds.
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Deer Creek Energy initiated with "overweight"
newratings.com
Wednesday, February 02, 2005 1:03:44 AM ET
Lehman Brothers
NEW YORK, February 2 (newratings.com) - Analyst Philip R Skolnick of Lehman Brothers initiates coverage of Deer Creek Energy (ticker: DCE) with an "overweight" rating. The target price is set to C$12.
In a research note published yesterday, the analyst mentions that the company is currently implementing SAGD technology in four stages to boost its gross production by 40 MBbl/d by 2010. The successful implementation of the strategy would boost Deer Creek Energy's share price by approximately C$9, the analyst says. Lehman Brothers believes that there is significant near-term upside to the company's share price. |
