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Petro-Canada
PCZ.NISIN: CA71644E1025SEDOL: 2591892 |
Rating: SELL |
Target Price: 20.10 USD |
Investment Horizon: 6 to 12 months |
1Q 09 News Alert
Petro-Canada reported a dismal performance in 1Q 09 given lower average realized crude oil and gas prices during the period. Going forward, we expect the company’s top-line to remain under pressure in FY 2009 led by our expectation of lower average oil prices for FY 2009. However, lower average oil prices will also benefit the company’s Downstream business’ margins and the company stands to benefit from its merger with Suncor…
Company News Alert
Petro-Canada’s common stock price appreciated 20.4% in a single trading day, and achieved our target price, on 23 March 2009. The appreciation reflects positive investor sentiment arising from yesterday’s announcement of a merger between Petro-Canada and Suncor Energy Inc. (Suncor), which valued Petro-Canada’s common stock at approximately a 25% premium to its 30-day weighted average trading price as on 23 March 2009…
Company News Alert
Petro-Canada and Suncor Energy Inc. (Suncor) announced plans to merge today. The merger is expected to result in significant cost savings and operating efficiencies, with the expansion of the company’s business providing opportunities for future growth in upstream and downstream activity. The deal values the Petro-Canada common stock at an approximately 25% premium to the 30-day weighted…
4Q 08 & FY 2008 Update Report
Going forward, we expect hydrocarbon product demand and prices will be sustained at current low levels throughout FY 2009 given downturn in the global economy. The company also expects total hydrocarbon production to decline with its plans to lower its capital expenditure in FY 2009 coupled with large facility turnarounds in the East Coast of Canada as well as natural declines in the North Sea. Although lower hydrocarbon prices will improve margins by…
4Q 08 News Alert
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Petro-Canada reported weak 4Q 08 results given a decline in crude oil prices and production volumes during the period. Going forward, although low crude oil prices will continue to impact the company’s revenue growth in FY 2009, the company’s efforts to develop its growth projects and an anticipated recovery in oil prices are expected to…
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