BMO Capital raised the firm’s price target on Canadian Natural to C$60 from C$57.50 and keeps an Outperform rating on the shares. The firm cites the company’s announcement that it is acquiring Chevron’s (CVX) remaining interests in the WCSB – Western Canadian Sedimentary Basin – noting that it is a “natural buyer” of that stake and was able to consolidate the interest at an attractive price. The Duvernay asset is an added bonus given recent improvements in well productivity and close proximity to the company’s Montney assets, the analyst tells investors in a research note.
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