2013-02-13 22:59:02 -
Vancouver, British Columbia, February 13, 2013 - Investment firm Global
Securities has reiterated their buy recommendation for Canadian Oil Sands
(TSX:COS) (OTCQX:COSWF), with analyst Elvis Picardo maintaining his target price
This is a 20% premium to the recent $20.85 price when the research report was
published, following the release on January 31st of the company's results for
the fourth quarter.
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"Our dividend level of $0.35 per share per quarter for 2013 is well supported by
a strong balance sheet and a major capital projects program that is proceeding
on schedule and on budget," said Marcel Coutu, President
and Chief Executive
Officer. "Our outlook for 2013 is based on an $80 per barrel plant-gate realized
selling price and a five per cent increase in production rates over 2012."
While the stock's yield of 6.7% is the fifth highest on the TSX-60, Picardo
believes it has a greater degree of dividend stability than some of its higher-
Canadian Oil Sands is a pure investment opportunity in the oil sands through its
36.74 per cent interest in the Syncrude joint venture. Syncrude has a productive
capacity of 350,000 barrels per day, and has enough reserves and resources to
operate at that level for decades. For 2013 Canadian Oil Sands forecast annual
production for Syncrude of 105 to 115 million barrels.
Unique among its peers, it is the only oil sands company whose assets are
undiluted with lower-value heavy oil or natural gas. Its significant cash flow
stream is 100 per cent derived from high-quality, light, sweet synthetic crude.
"We remain positive on Canadian Oil Sands based on its reasonable valuation,
above-average dividend yield, and leverage to rising crude oil prices. Our
target price is unchanged at $25", stated analyst Elvis Picardo.
For more information please visit the company's website www.cdnoilsands.com or
call Alison Trollope
Manager, Investor Relations at 403- 218-6231, or email firstname.lastname@example.org
For more information about Global Securities or to obtain a copy of their
research, contact your nearest Global Securities office. Their branches are
listed on their website at www.globalsec.com.
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