09:50 AM EDT, 04/09/2024 (MT Newswires) -- RBC Capital Markets on Tuesday boosted its price targets for the shares of Canada's major oil-sands producers on high commodity prices, falling debt and an expected bump to Canadian prices ahead of next month's expected start up of the Trans Mountain pipeline expansion project.

Imperial Oil ( IMO ) will launch the first-quarter earnings season for the Canada's major producers on April 26, the first of what are expected to be solid results from the sector.

"First-quarter conference calls should be happy experiences for investors in Canada energy given a favorable oil landscape punctuated by progress towards net debt targets for many producers, rising shareholder returns and the approaching debut of the 590,000 bbl/d Trans Mountain Pipeline Expansion. We estimate that Canada's oil sands weighted majors -- Canadian Natural Resources ( CNQ ), Suncor Energy ( SU ), Cenovus Energy ( CVE ) and Imperial Oil ( IMO ) -- generated free cash flow (before dividends and working capital movements) of $5.6 billion in the first-quarter, reduced net debt by $1.8 billion, repurchased $1.1 billion of their common shares and paid/accrued cash taxes (to all jurisdictions) of about $1.8 billion," analyst Greg Pardy wrote.

RBC retained its sector-perform ratings on the shares of Imperial Oil ( IMO ), while raising its price target to C$100.00 from C$85.00. Its target for Canadian Natural Resources ( CNQ ) was increased to C$120.00 from C$100.00 while the investment bank kept its outperform rating on the shares. Cenovus Energy ( CVE ) was also kept at outperform with a new price target of C$32.00, up from C$28.00, while Suncor Energy ( SU ) remains at outperform with a C$58.00 price target, up from C$52.00.

Price: 98.42, Change: -0.88, Percent Change: -0.89