The Globe and Mail reports in its Thursday edition that TD Cowen analyst Menno Hulshof has reaffirmed his "hold" call for Strathcona Resources. The Globe's David Leeder writes that Mr. Hulshof gave his share target a $4 trim to $32. Analysts on average target the shares at $38.67. Mr. Hulshof considers Strathcona's deal for the Vawn thermal project and certain undeveloped thermal lands in Western Saskatchewan and Alberta from Cenovus Energy a "well-executed" acquisition, resulting in higher five-year production guidance while keeping the capital expenditure budget unchanged. Mr. Hulshof says in a note: "Recall, Vawn was acquired at a very competitive $30k/flowing capital efficiency (including $75-million contingent payments with no value ascribed for undeveloped land; note). Vawn (5 mbbl/d [thousand barrels per day] production vs. 10 mbbl/d capacity and peak rates of 1 2mbbl/d) directly offsets Strathcona's existing SK thermal Edam asset. Beginning in 2027, Strathcona plans to connect the facilities into a single integrated complex via a short pipeline, which is expected to drive $10-million per year in synergies. With this deal, Strathcona also acquired Cenovus's undeveloped Glenbogie, Plover Lake and Lindberg assets."