02:30 PM EDT, 05/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of CAD13, up CAD2, reflects a 4.3x multiple of enterprise value to projected 2024 EBITDA, a premium to CPG's historical forward average. We believe a premium is merited due to CPG not having any major debt maturing until 2026. We raise our 2024 EPS estimate by CAD0.01 to CAD1.48 and cut 2025's by CAD0.02 to CAD1.79. Q1 EPS of CAD0.30 vs. CAD0.39, missed consensus by CAD0.04. Q1 production (~199k boe/d) grew 43% year-over-year, driven by higher natural gas volumes (+151%), and exceeded consensus estimates by ~4%. In May, CPG announced that it disposed of its noncore assets in Saskatchewan for CAD600M, which we are unsurprised by, given that CPG has been vocal on plans of selling its noncore assets to focus on its Motney and Durvaney assets. As a result of the recent disposition, CPG revised its 2024 production guidance, with production now expected to be in the range of 195K boe/d at the midpoint (vs. the prior midpoint guide of 202K boe/d), while its capex guide remains intact (CAD1.5B).