Athabasca Oil downgraded by Raymond James on PetroChina troubles


Athabasca Oil (OTCPK:ATHOF -6.8%) is downgraded to Market Perform from Outperform with a $7.50 price target, down from $10, at Raymond James on growing concerns about its relationship with PetroChina (PTR -1.3%).

The firm sees a risk regarding the anticipated C$1.23B payment from PTR, and it does not expect any improved clarity on the issue for some time.

The risks around the Dover project put also raise concerns about the pace of development for Athasbasca’s Duvernay assets and the company’s ability to eventually secure a joint venture partner, the firm says.

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