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Investing.com - RBC Capital initiated coverage on International Petroleum Corp (STO:IPCO) (OTC:IPCFF) with a Sector Perform rating and a price target of C$26.00.
The research firm cited the company’s potentially transformational Blackrod Phase 1 project, which is on track to achieve first oil production in the second half of 2026. This project will add to International Petroleum’s existing long-life, low-decline production base.
RBC Capital noted that International Petroleum shares have appreciated more than 51% year-to-date, giving the company a premium valuation relative to its peers. Combined with what the firm describes as a tepid oil market outlook, RBC views the shares as fairly valued at current levels.
Despite the neutral rating, RBC Capital identified potential longer-term upside as Blackrod milestones are achieved in 2026-27 and beyond. These achievements could serve as catalysts for future share price appreciation.
International Petroleum operates as an oil and gas exploration and production company with a portfolio of assets in Canada, Malaysia, and France.
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