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Whitecap Resources Inc (2)
Symbol WCP
Shares Issued 410,530,134
Close 2019-09-16 C$ 4.96
Market Cap C$ 2,036,229,465
Recent Sedar Documents

Globe says McCrea rates Whitecap Resources "strong buy"

2019-09-17 07:18 ET - In the News

The Globe and Mail reports in its Tuesday, Sept. 17, edition that Raymond James analyst Jeremy McCrea rates Whitecap Resources "strong buy," with a $6.50 share target. The Globe's David Leeder writes that analysts on average target the shares at $7.29. Mr. McCrea says in a note: "As energy investors woke Saturday morning, the news of an attack on Saudi oil infrastructure and the productivity loss, in a single word, is unprecedented. Various news feeds to regional exports continue to speculate on the length of time (and amount/quality) of production that will be impacted, including OPEC spare capacity, world storage levels and other political ramifications. As additional information comes out over the coming week on the extent of damage, two items most experts can likely agree on: 1) crude prices will be more volatile; and 2) the geopolitical 'premium' embedded in crude prices is likely to be higher for the near-term. For energy investors,the knee-jerk reaction will be to 'buy' the low margin, high leveraged names. Although we wouldn't necessarily disagree, we don't believe investors need to take on the added risk in these type of names quite yet given current valuations today across the broader sector.

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