Analyst Sam Burwell from Jefferies maintained a Buy rating on Whitecap Resources and keeping the price target at C$15.00.
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Sam Burwell has given his Buy rating due to a combination of factors, starting with Whitecap’s stronger-than-expected cash flow per share, which benefited from both higher production and better realized pricing. Although capital spending came in slightly above prior assumptions, the company still generated free cash flow ahead of Jefferies’ model, underscoring the resilience of the underlying asset base.
He also highlights Whitecap’s strategic move to diversify its natural gas price exposure by securing additional contracts linked to TTF and Henry Hub, reducing reliance on AECO pricing and potentially smoothing future cash flows. With no changes to the 2026 production and capex outlook and another quarter of solid operational execution, Burwell sees a supportive setup heading into further updates on gas marketing, the Lator project, and year-end 2025 reserves.
In another report released on February 17, RBC Capital also maintained a Buy rating on the stock with a C$14.00 price target.