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Research
Whitecap Resources Maintained at Buy at TPH Following Q1 Results; Price Target at C$16.00
Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Whitecap Resources (WCP.TO) with a C$16.00 price target following the Western Canadian oil and gas producer's first-quarter results."Positive on Q1 results which, in our view, should support relative outperformance today. On key Q1 headline metrics, C$0.84 CFPS beat TPHe/Street C$0.74/C$0.74, driven by beats on production and to a lesser degree gas realizations; C$676MM capex was relative in-line with consensus, comparing to TPHe/Street C$643MM/C$664MM. For context on volumes, 391mboepd beat TPHe/Street 378/378 and guidance of 375-380, led primarily by liquids, which clocked in at 242mboepd (62% of the mix) vs. TPHe/Street 231/229, with all of the above attributed to (i) compressed cycle times driving quicker turn-in-line timing for new wells and (ii) outperformance of new wells across the portfolio ... On formal changes, FY'26 guidance was increased on production by +7.5mboped (~2% at the midpoints) to 378-382mboepd (prior 370-375; TPHe/Street 378/375) for unchanged capex of C$2.0-2.1B (TPHe/Street C$2.05B/C$2.08B); no changes to longer-term growth plans of 3-5%," analyst Jeoffrey Lambujon wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $15.92, Change: $-0.04, Percent Change: -0.25%
$WCP.TO
Mining & Metals
RBC Maintains Alamos Gold's Outperform Rating, US$63.00 Price Target, Following Q1 Results
RBC Capital Markets reaffirmed its outperform rating on the shares of Alamos Gold (AGI.TO, AGI) and its US$63.00 price target after the company reported first-quarter results on Wednesday.Alamos' adjusted earnings of US$0.55 per share in the first quarter missed RBC's projection of US$0.62 per share and the consensus estimate of US$0.58 per share, reflecting lower production/sales.The company noted it is monitoring the impact of inflationary pressures, but that it expects to manage these pressures with productivity improvements, RBC said.Price: $53.90, Change: $-2.03, Percent Change: -3.63%
$AGI$AGI.TO
Research
Methanex Maintained at Buy at TPH Following Q1 Results; Price Target at US$69.00
Tudor, Pickering, Holt on Thursday reiterated its buy rating on the shares of Methanex (MX.TO, MEOH) with a US$69.00 price target following the methanol producer's first-quarter results."Positive. MEOH reported adj Q1'26 EBITDA of $220mm, outpacing TPHe/consensus of $203mm/$208mm as well as Q4 of $186mm. Adj EPS was 30c (vs TPHe/consensus of 18c/38c). The stock is flat in pre-market trading. Relative to our modeling, the beat was driven by a higher realized price of $351/tonne (vs TPHe $337/tonne), likely due to better spot values as methanol prices surged in Mar from the Iran conflict. This was somewhat offset by higher implied costs ($252/tonne vs TPHe $245/tonne). Production (2.39mmt vs TPHe 2.27mmt) was higher than our modeling, thanks to solid rates in Geismar, NZ, and Egypt, but the inventory build was more than we had penciled in, resulting in sales volumes (2.23mmt vs TPHe 2.22mmt) that were inline," analyst Matthew Blair wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $87.61, Change: $+0.96, Percent Change: +1.11%
$MEOH$MX.TO