Raymond James raised its price target on Whitecap Resources Inc. (WCP.TO) to $14 from $13 on Thursday.

Analyst Luke Davis maintained a Strong Buy rating on shares of the Calgary-based oil and gas company following its Q2 results.

"The first look at the new and improved Whitecap was impressive all around, punctuated by outperformance on all metrics and strong operating momentum, setting up for a solid second half," Davis said in a note to clients.

"Production volumes came in well ahead with the run-rate now comfortably in the 365 mboe/d range; we are sitting at the upper end of annual guidance given a consistent trend of outperformance," the analyst said.

"In our view, the consolidated entity remains a best-in-class operator with top-tier assets, and we see further upside as they optimize capital allocation, monetize non-core assets, and realize deal synergies through ongoing integration."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)