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RBC Lifts Price Targets of Headwater, Whitecap After Q1 Results

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RBC Capital Markets on Friday raised the price targets of Headwater Exploration (HWX.TO) and Whitecap Resources (WCP.TO) following the release of their first-quarter results.

RBC lifted Headwater's price target to C$14.00 from C$13.00 with a sector-perform rating, as the company's cash flow of C$0.41 per share exceeded RBC's projection of C$0.39 and the Street estimate of C$0.37.

RBC also increased Whitecap's price target to C$18.00 from C$17.00 and maintained its sector-perform rating after the company's adjusted funds from operations of C$0.84 per share beat RBC's forecast of C$0.75 and the Street expectation of C$0.74.

Meanwhile, RBC reiterated Advantage Energy's (AAV.TO) sector-perform rating and C$14.00 price target. The company's cash flow of C$0.71 per share beat RBC's estimate of C$0.68 and the Street forecast of C$0.67.

Price: $13.33, Change: $-0.13, Percent Change: -0.93%

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