Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
RBC Capital Markets head of global energy research Greg Pardy made only one change to the team’s “Global Energy Best Ideas” list, removing Marathon Petroleum Corp. ,
“In August, the RBC Global Energy Best Ideas List was up 4.1% compared to the iShares S&P Global Energy Sector ETF up 1.7% and a hybrid benchmark that was flat on a sequential basis. Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 155.8% compared to the S&P Global Energy Sector ETF up 31.2%”
The list now consists of Suncor Energy, Topaz Energy, Callon Petroleum Co., Diamondback Energy, Permian Resources Corp., ARC Resou4rces, Tourmaline Oil, Canadian Natural Resources, Santos Ltd., SLB, Altagas Ltd., Pembina Pipeline Corp., Targa Resources Corp., Cheniere Energy Inc., Energy Transfer LP, Superior Plus and PG&E Corp.
“When we officially dropped our U.S. recession call a number of weeks back, we studiously and purposely did not do the same for Canada … The logic behind the mild divergence between the two was driven by Canada’s much heavier debt load, and a less forceful fiscal thrust than stateside. This week’s round of data suggests that the U.S./Canada divergence may have been something more than ‘mild’ in the summer … especially for consumers.
“The entire move in the major US equity averages this year has been the result of higher valuations.
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