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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
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
Research
Research Alert: Fortive: Q1 Earnings Beat As Cost Restructuring Pushes Margins Higher
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FTV delivered Q1 operating EPS of $0.70 (+25.4% Y/Y), above expectations, with underlying core growth of ~5% supported by the IOS (+5.2%) and AHS (+5.8%) segments, which benefited from the ~150 bps tailwind from additional selling days. Adjusted EBITDA margins expanded 140 bps to 29.3%, reflecting post-separation benefits from simplified operating structure, with IOS maintaining healthy 34.3% margins (+10 bps) and AHS showing meaningful improvement to 25.7% (+210 bps) on structural cost savings. Capital allocation remained aggressive with $500M in share repurchases (~3% of diluted shares), bringing total buybacks since separation to ~$1.8B. FTV reaffirmed 2026 guidance of $2.90-$3.00 operating EPS while noting it is trending toward the upper half of the provided range. We see strong free cash flow generation of $194M (+13.5%) providing continued flexibility in capital allocation strategy. We also see a raise to guidance being on the table as the year progresses, with upside if tariff impacts begin to subside.
$FTV