Advantage Oil and Gas (AAV +3.2%) is upgraded to Outperform from Sector Perform with an $8.50 price target, up from $7, at RBC, which says available data points to a continued strong growth trajectory (Briefing.com).
While the stock has gained 41% YTD, the firm sees potential for even more outsized returns as investors continue to better appreciate the company's improved growth metrics.
Alberta looks likely to implement energy efficiency measures when it revamps its climate-change policy to win support for its oil sector, an about-face on the former premier’s vow that the province wouldn’t enact new rules until the U.S. did.
The province plans to have new regulations on emissions in the near future and may include a higher carbon price, Alberta's environment minister says.
The struggle by Alberta’s oil producers for access to new markets, as reflected in U.S. delays in approving the Keystone XL (TRP) pipeline, comes amid opposition to oil sands bitumen because of its higher carbon intensity and concerns around air and water pollution.
KKR says it will open its first Canadian office next month in Calgary, the capital of Canada's oil patch, as it seeks to tap into growing demand for private-equity financing in the region and expand its presence in the global energy industry.
KKR Director Brandon Freiman, who will relocate from the NYC headquarters to start up the new office, is eyeing investment of $500M to "several billion dollars" over the next five years in upstream oil and gas production, midstream pipelines and related infrastructure as well as energy services businesses.
The planned investments will include providing financing instead of outright takeovers, KKR says.
Advantage Oil & Gas (AAV) +3.6% premarket after saying financial advisers will begin soliciting interest in a sale of the company or other strategic transactions to maximize shareholder value. AAV also announces an increase in reserves and contingent resources at its Glacier property.
Advantage Oil & Gas (AAV +5.3%) is upgraded to Buy from Hold at Stifel Nicolaus after AAV announced large positive revisions to historical reserves, sparking a new two-year plan focused on doubling production throughput at Glacier to 200M cf/day by 2015. A series of positive well results revealed improved average test rates in the Middle Montney.
With Advantage Oil & Gas (AAV) completing the sale of its non-core assets, Luc Mageau at Raymond James says it's time for a sale of the company. AAV's net debt should drop to ~$170M after ~$115M in proceeds from the asset sales, and “with the valuation now uncluttered, we expect the official process will result in a successful sale of the company.”
Advantage Oil & Gas (AAV +3.4%) says it has closed four sales transactions and recently signed an agreement with a fifth party which, on a combined basis, constitute the sale of substantially all its non-core assets. AAV says net cash proceeds from the sales, totaling ~$83M, will be used to reduce debt.
The rise in shares of Advantage Oil & Gas (AAV +4.8%) is attributed to Exxon Mobil's acquisition of most of Celtic Exploration, including 545K net acres in the liquids-rich Montney shale. AAV, the fifth-largest Montney producer, rallied in August on news it was seeking a buyer for some assets to simplify its structure and prepare for a potential sale.