Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Tourmaline Oil (TOU.TO) with a C$77.00 price target following first-quarter results from Canada's No.1 natural-gas producer.

"Anticipating relatively in-line performance today with better-than-expected capex more than offsetting a slight miss on cash flow, Q2 guidance bounding consensus, and flexibility reiterated regarding currently unchanged FY guidance. On Q1'25 results, C$963MM cash flow was in-line with our model but below consensus (TPHe/Street C$958MM/C$999MM; C$2.56/shr vs. TPHe/Street C$2.54/C$2.65), with stronger realizations and a slight beat on production (638mboepd vs. TPHe/Street 634/632) more than offsetting slighter higher expenses vs. TPHe. Elsewhere on ops, despite record-level activity, the company outperformed expectations on capex (which were already improved heading into the print), which totaled C$825MM vs. TPHe/Street C$884MM/C$880MM and drove a beat on FCF (C$138MM excl. A&D / C$149MM incl. A&D vs. TPHe/Street-implied C$74MM/C$119M)," analyst Jeoffrey Lambujon wrote.

(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)

Price: 62.13, Change: -1.55, Percent Change: -2.43