Petro-Canada: Earnings Beat Consensus, "Execution Improving"

Petro-Canada’s (PCZ) second quarter earnings came in at C$1.63 per share, in line with estimates at UBS Securities and above consensus of C$1.45 thanks to good upstream execution, record crack spreads and Brent crude oil’s trading premium to West Texas Intermediate crude, analyst Andrew Potter said in a note to clients.

Meanwhile, Petro-Canada’s downstream operating earnings came in at C$249-million, a new company record.

The UBS analyst said the company’s execution is improving, and maintained his “buy” rating and C$68 price target on Petro-Canada.

PCZ 1-yr chart: