** Brokerages raise PT on Canadian Natural Resources on deal with Devon; JP Morgan raises by C$2 to C$50, GMP FirstEnergy by C$1 to C$50
** CNQ said on Wednesday it would buy Devon Energy's Canadian assets for C$3.8 bln
** "CNQ was able to make the math work to acquire an asset that generates good FCF with synergy potential and future development upside" – JPM
** Says cost per flowing barrel that co paid DVN was cheapest of recent oil sands transactions
** GMP says not surprised that CNQ is buying Devon's assets given the close proximity with its existing assets
** Credit rating agency Moody's, however, says co's acquisition of Devon Canada's assets is credit negative, since deal increases exposure to volatile heavy oil differentials
** 24 out of 25 brokerages rate the stock "buy" or higher, 1 "hold"; median PT is C$48
** Stock up 11% YTD
(Reporting By Arundhati Sarkar in Bengaluru)
Canadian Natural: Brokerages say Devon deal attractive on most metrics
** Brokerages raise PT on Canadian Natural Resources on deal with Devon; JP Morgan raises by C$2 to C$50, GMP FirstEnergy by C$1 to C$50
** CNQ said on Wednesday it would buy Devon Energy's Canadian assets for C$3.8 bln
** "CNQ was able to make the math work to acquire an asset that generates good FCF with synergy potential and future development upside" – JPM
** Says cost per flowing barrel that co paid DVN was cheapest of recent oil sands transactions
** GMP says not surprised that CNQ is buying Devon's assets given the close proximity with its existing assets
** Credit rating agency Moody's, however, says co's acquisition of Devon Canada's assets is credit negative, since deal increases exposure to volatile heavy oil differentials
** 24 out of 25 brokerages rate the stock "buy" or higher, 1 "hold"; median PT is C$48
** Stock up 11% YTD
(Reporting By Arundhati Sarkar in Bengaluru)