CIBC Capital Markets raised its price targets on three Canadian large cap energy companies.
Analyst Dennis Fong increased his target on Canadian Natural Resources (CNQ.TO, CNQ) to C$75 from C$70, Cenovus Energy (CVE.TO, CVE) to C$52 from C$48, and Whitecap Resources (WCP.TO) to C$20 from C$19.
Fong maintained an outperformer rating on all three stocks.
"Strong commodity prices have helped provide a strong tailwind for cash flow and notwithstanding planned turnarounds in Q3/26, we continue to expect strong FCF generation with a view of accelerated deleveraging and increased returns to shareholders," the analyst said in a note to clients.
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