The Globe and Mail reports in its Friday, Nov. 3, edition that RBC Capital analyst Luke Davis has reaffirmed his "sector perform" recommendation for Athabasca Oil. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Davis gave his share target a 50-cent boost to $5. Analysts on average target the shares at $4.91, up from $4.56 a month ago. Mr. Davis notes that Athabasca Oil delivered strong third quarter results. Production volumes of 36,176 barrels per day of oil equivalent were ahead of the consensus of 35,620 boe/d, with the Leismer asset leading the way at 24,232 bbl/d. Third quarter cash flow per share of 24 cents was ahead of consensus of 22 cents, largely on stronger price realizations. Mr. Davis says in a note: "We believe the company is well positioned into 2024 with continued thermal growth, increased capital allocation to the light oil business, and focus on return of capital. ... Athabasca remains committed to returning 75 per cent of excess cash flow to shareholders. Athabasca shares trade at a premium to oil-weighted peers, which we believe reflects strong free cash generation, exposure to WCS heavy oil, and management's continued focus on return of capital."