Whitecap Resources (SPGYF) Sees Price Target Cut Amid OPEC+ Decision | SPGYF Stock News

Apr 10, 2025

CIBC analyst Dennis Fong has lowered the price target for Whitecap Resources (SPGYF, Financial) from C$14.50 to C$13, though the stock retains an Outperform rating. This adjustment follows an unexpected move by OPEC+ to hasten the phaseout of voluntarily reduced oil production, which has led to a drop in oil prices due to market concerns over future supply and demand equilibrium.

The change in oil price expectations is being factored into a first-quarter earnings preview for the energy sector, indicating a more conservative outlook within the industry. Despite the altered price target, the overall positive performance outlook for Whitecap Resources remains unchanged, suggesting potential for value amidst market fluctuations.

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