With the reduction to our oil price deck (see our commodities analyst Martin King’s note), we have made significant reductions to our target prices for this group of companies. Notably, we have taken our rankings for Imperial Oil and Suncor to Underperform, as we believe the equity valuations for these two companies are implying much, much higher oil prices, AND much better refining margins, going forward, than we believe is reasonable to assume at this time. We do not believe these two stocks w ....
08 Feb 2016
Reduced Oil Price Forecasts – Impact on Integrateds, Large Cap E&P, Oilsands
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Reduced Oil Price Forecasts – Impact on Integrateds, Large Cap E&P, Oilsands
Cenovus Energy Inc. (CVE:TSE), 0 | Imperial Oil Limited (IMO:TSE), 0 | Suncor Energy Inc. (SU:TSE), 0 | Canadian Natural Resources Limited (CNQ:TSE), 0 | Encana (ECA:TSE), 0 | Athabasca Oil Corporation (ATH:TSE), 0 | MEG Energy Corp. (MEG:TSE), 0 | BlackPearl Resources (PXX:TSE), 0
- Published:
08 Feb 2016 -
Author:
Michael P. Dunn -
Pages:
16
With the reduction to our oil price deck (see our commodities analyst Martin King’s note), we have made significant reductions to our target prices for this group of companies. Notably, we have taken our rankings for Imperial Oil and Suncor to Underperform, as we believe the equity valuations for these two companies are implying much, much higher oil prices, AND much better refining margins, going forward, than we believe is reasonable to assume at this time. We do not believe these two stocks w ....