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Domtar, Forsys, ProEx, Western Canadian: Canadian Stock Preview
By John Kipphoff
June 18 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from yesterday's close in Toronto.
The Standard & Poor's/TSX Composite Index rose 0.8 percent to a record 15,068.83.
Crescent Point Energy Trust (CPG-U CN): The oil and gas trust was raised to ``buy'' from ``hold'' by Kyle Preston at Canaccord Adams. The Calgary-based analyst set a share-price target of C$45. Crescent Point rose 2.1 percent to a record C$41.25.
Domtar Corp. (UFS CN): The second-largest maker of office paper was cut to ``neutral'' from ``buy'' by Goldman Sachs Group Inc. analyst Richard Skidmore in New York. The shares rose 0.2 percent to C$6.17.
Duvernay Oil Corp. (DDV CN): The oil and gas producer was rated new ``buy'' in new coverage by Tim Murray at Salman Partners. The Toronto-based analyst set a share-price target of C$75 for the stock. Duvernay rose 1.9 percent to C$64.10. It's the second-best performer in the S&P/TSX this year with a 121 percent gain.
Forsys Metals Corp. (FSY CN): The Oakville, Ontario-based company said that its Valencia Uranium (Pty) Ltd. unit received notice from the Republic of Namibia that it is about to be granted a 25-year permit to mine uranium in the southwest African country.
The license from Namibia's Ministry of Mines and Energy will allow it to develop the Valencia uranium mine, Forsys said in a statement distributed by Marketwire. The shares gained 5.9 percent to C$4.34 before being halted in Toronto.
Frontier Pacific Mining Corp. (FRP CN): The gold and copper mining company with a property in China said it agreed to a revised takeover offer from Eldorado Gold Corp. (ELD CN) The bid includes 0.122 of an Eldorado share, C$0.0001 in cash and one exchange receipt per Frontier Pacific share, Vancouver-based Frontier Pacific said. Frontier Pacific added 4.2 percent to C$1. Eldorado Gold fell 0.4 percent to C$8.47.
Methanex Corp. (MX CN): The largest methanol producer was downgraded to ``neutral'' from ``buy'' by Brian MacArthur at UBS. The Toronto-based analyst set a 12-month share-price target of C$34.66, or $34. Methanex added 6.1 percent to C$32.56.
ProEx Energy Ltd. (PXE CN): The oil and gas producer whose shares are the third-best performer in the S&P/TSX this year with a 104 percent gain, was downgraded to ``sector perform'' from ``outperform,'' with a share-price target of C$26.00, by RBC Capital Market analyst Jason Bouvier in Toronto. ProEx rose 0.3 percent to a record C$24.08.
SNC-Lavalin Group Inc. (SNC CN): Canada's biggest construction and engineering company was downgraded to ``market perform'' from ``outperform'' by Frederic Bastien at Raymond James & Associates.
The Vancouver-based analyst increased his share-price estimate to C$65 from C$60, saying in a note that while long-term investors will be rewarded for owning SNC-Lavalin, there is more potential for gains in rivals Aecon Group Inc. (ARE CN) or Genivar Income Fund (GNV-U CN). SNC-Lavalin rose 4.4 percent to C$61.65; Aecon Group gained 4.6 percent to C$15.74 and Genivar Income added 0.3 percent to C$26.50.
UTS Energy Corp. (UTS CN): The company that owns leases in Alberta's oil sands was rated new ``outperform'' in new coverage by RBC Capital's Bouvier, with a share-price target of C$8.50. The shares gained 0.3 percent to C$6.02.
Western Canadian Coal Corp. (WTN CN): The producer of the fuel in British Columbia said that it has received several proposals to buy part or all of the business after inviting offers following seven straight quarters of losses. The shares gained 7.4 percent to C$8.70.
Westport Innovations Inc. (WPT CN): The designer of low- pollution engine parts was rated ``buy'' in new coverage by Merriman Curhan Ford & Co. analyst Brion Tanous in San Francisco. The shares fell 1.8 percent to C$4.79.
By John Kipphoff
June 18 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from yesterday's close in Toronto.
The Standard & Poor's/TSX Composite Index rose 0.8 percent to a record 15,068.83.
Crescent Point Energy Trust (CPG-U CN): The oil and gas trust was raised to ``buy'' from ``hold'' by Kyle Preston at Canaccord Adams. The Calgary-based analyst set a share-price target of C$45. Crescent Point rose 2.1 percent to a record C$41.25.
Domtar Corp. (UFS CN): The second-largest maker of office paper was cut to ``neutral'' from ``buy'' by Goldman Sachs Group Inc. analyst Richard Skidmore in New York. The shares rose 0.2 percent to C$6.17.
Duvernay Oil Corp. (DDV CN): The oil and gas producer was rated new ``buy'' in new coverage by Tim Murray at Salman Partners. The Toronto-based analyst set a share-price target of C$75 for the stock. Duvernay rose 1.9 percent to C$64.10. It's the second-best performer in the S&P/TSX this year with a 121 percent gain.
Forsys Metals Corp. (FSY CN): The Oakville, Ontario-based company said that its Valencia Uranium (Pty) Ltd. unit received notice from the Republic of Namibia that it is about to be granted a 25-year permit to mine uranium in the southwest African country.
The license from Namibia's Ministry of Mines and Energy will allow it to develop the Valencia uranium mine, Forsys said in a statement distributed by Marketwire. The shares gained 5.9 percent to C$4.34 before being halted in Toronto.
Frontier Pacific Mining Corp. (FRP CN): The gold and copper mining company with a property in China said it agreed to a revised takeover offer from Eldorado Gold Corp. (ELD CN) The bid includes 0.122 of an Eldorado share, C$0.0001 in cash and one exchange receipt per Frontier Pacific share, Vancouver-based Frontier Pacific said. Frontier Pacific added 4.2 percent to C$1. Eldorado Gold fell 0.4 percent to C$8.47.
Methanex Corp. (MX CN): The largest methanol producer was downgraded to ``neutral'' from ``buy'' by Brian MacArthur at UBS. The Toronto-based analyst set a 12-month share-price target of C$34.66, or $34. Methanex added 6.1 percent to C$32.56.
ProEx Energy Ltd. (PXE CN): The oil and gas producer whose shares are the third-best performer in the S&P/TSX this year with a 104 percent gain, was downgraded to ``sector perform'' from ``outperform,'' with a share-price target of C$26.00, by RBC Capital Market analyst Jason Bouvier in Toronto. ProEx rose 0.3 percent to a record C$24.08.
SNC-Lavalin Group Inc. (SNC CN): Canada's biggest construction and engineering company was downgraded to ``market perform'' from ``outperform'' by Frederic Bastien at Raymond James & Associates.
The Vancouver-based analyst increased his share-price estimate to C$65 from C$60, saying in a note that while long-term investors will be rewarded for owning SNC-Lavalin, there is more potential for gains in rivals Aecon Group Inc. (ARE CN) or Genivar Income Fund (GNV-U CN). SNC-Lavalin rose 4.4 percent to C$61.65; Aecon Group gained 4.6 percent to C$15.74 and Genivar Income added 0.3 percent to C$26.50.
UTS Energy Corp. (UTS CN): The company that owns leases in Alberta's oil sands was rated new ``outperform'' in new coverage by RBC Capital's Bouvier, with a share-price target of C$8.50. The shares gained 0.3 percent to C$6.02.
Western Canadian Coal Corp. (WTN CN): The producer of the fuel in British Columbia said that it has received several proposals to buy part or all of the business after inviting offers following seven straight quarters of losses. The shares gained 7.4 percent to C$8.70.
Westport Innovations Inc. (WPT CN): The designer of low- pollution engine parts was rated ``buy'' in new coverage by Merriman Curhan Ford & Co. analyst Brion Tanous in San Francisco. The shares fell 1.8 percent to C$4.79.
