Barlow’s Research Roundup: Top picks in energy and ‘It’s not different this time’ - The Globe and Mail
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Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott BarlowTop picks in energy sectorScotiabank analyst Kevin Fisk’s report “It’s easier paddling downstream” provided top picks in the energy sector,“While acknowledging that Canadian producers generally trade at a premium versus U. S. peers, we believe valuations remain attractive in absolute terms given strong inventory depth, future growth optionality, FCF duration, and robust shareholder returns. We maintain a strong preference for oil-weighted equities and companies with downstream exposure given robust oil prices and exceptionally strong refining margins. We have refreshed our pecking order and highlight SU, CVE, OVV, and TVE as our top picks … On average, our target prices increased by 6 per cent, led by VET (up 18 per cent), IMO (up 17 per cent) SU (up 16 per cent), IPCO (up 16 per cent), WCP (up 16 per cent), SDE (up 13 per cent) and BTE (up 13 per cent). Conversely, we have trimmed targets on AAV (down 10 per cent), PEY (down 5 per cent) and TOU (down 4 per cent), reflecting the shift to strip natural gas prices.
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