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Fly News Breaks for September 20, 2018
CNQ
Sep 20, 2018 | 06:42 EDT
As reported earlier, RBC Capital analyst Greg Pardy downgraded Canadian Natural to Outperform from Top Pick and lowered his price target to CAD55 from CAD58. The analyst cites his updated rates of return model for the oil industry but still views the company as his "favorite senior producer given its shareholder alignment, free cash flow generation, improving balance sheet, and low natural decline rate". Pardy adds that the company's transition to a "growth-income model" will broaden its capital program from dividend growth to share buybacks.
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